Good news for the market: after two slow quarters to start 2019, the Chicagoland housing market is beginning to balance itself out, according to MORe data. The number of detached homes under contract increased by 8 percent in July 2019 over July 2018, and median sale prices increased by 1.8 percent, too.
“The number of homes sold is finally starting to catch up to our predictions and home values are appreciating closer to historic norms. That’s good news for homesellers,” Mike Gobber, president of the MORe Board of Directors, said. “Right now, the number of homes sold is exactly what we’d expect for this time of year, and home values are increasing even as the average time on market increases.”
Some of the Chicagoland communities that experienced the highest increase in median sale prices include:
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Dolton (51.7 percent increase in median sales price)
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Fox Lake (45.6%)
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Glendale Heights (9.6%)
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Glenwood (28.1%)
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Inverness (28.0%)
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Kenneyville-Roselle (25.0%)
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Vernon Hills (20.1%)
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Woodridge (16.1%)
As a Mainstreet REALTOR®, you can help both buyers and sellers navigate the real estate process as the market changes and continues to gain momentum. Remind homebuyers and homesellers: a balanced market will most likely increase the overall number of sales over the next few months. This increased activity could mean it's the right time for them to finally find that new home or put their current home on the market.