Chicagoland home sales are beginning to slow as summertime comes to an end, with the average number of home sales decreasing 2.3 percent over the same month last year, according to new MORe data.
Area homes also experienced a 13.5 percent decrease in average time on market over the same month last year, and a 3.5 increase in median sale price. While the number of area homes sold has decreased overall, lower-priced homes tend to sell fastest.
“Area inventory is extremely tight this year, so homes with particularly attractive price tags are flying off the market,” Karen Irace, president of the MORe Board of Directors, said. “While it’s likely we’ll continue to see buyers make offers on lower-priced homes quickly, mid-priced homes will continue to be slower to sell.”
Despite the overall drop in number of homes sold, a number of area communities showed an increase in home sales over July of last year. These communities include:
- Antioch (42.9 percent increase in homes sold)
- Batavia (35.3%)
- Burbank (30.8%)
- Carol Stream (25.0%)
- Country Club Hills (23.8%)
- Montgomery (38.2%)
- Oak Forest (56.0%)
- Westchester (33.3%)
When you work with sellers, emphasize that prices vary from community to community and that, as a REALTOR®, you can provide the context to accurately price their home in the current market.
