Moderate increases in sales prices and time on market expected to continue
After months of a strong seller’s market in Chicagoland, new data indicates the market may be reaching a balance. The time detached single-family homes in the area spent on the market increased 1.2 percent in November over the same month last year, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe). This indicates local inventory is slowly replenishing itself, according to Michael Gobber, president of the MORe Board of Directors.
Gobber said November’s slight increase in median sale price, up 3.8 percent over November 2017, is another indicator of a stable market. While home sales were down 2.5 percent over the same month last year, Gobber said area homeowners should expect to see an increase in sales as inventory replenishes.
“The lack of inventory might have discouraged buyers from entering the market in recent months, but that’s beginning to change.” Gobber said. “An increase in sales price between 3.5 and 4 percent is healthy for the midwest, and because we likely won’t see a significant increase in average time on market across communities, prices will likely remain in this range for the time being.”
Some Chicagoland communities saw a higher increase in average market time than others, such as: Antioch (time on market increased 71.1%); Arlington Heights (44.3%); Chicago Heights (43.2%); Downers Grove (38.9%); Green Oaks-Libertyville (44.8%); Hainesville-Grayslake (27.8%); Montgomery (35.0%); Mount Prospect (138.5%); Oak Lawn (29.6%); Park Ridge (80.0%); South Holland (38.8%) and Streamwood (52.2%).
Let homebuyers know that while inventory is slowly growing, they shouldn’t hesitate to begin their search now. Those who wait for the market to replenish more may face more competition and higher prices.
For a closer look at the Chicagoland home market, view our data visualization.