Chicagoland homes continued to fly off the market in June, with the average time on market decreasing 10.7 percent over the same month last year, according to MORe data. This, combined with the 7.1 percent decrease in home sales over last year, is a result of continued low inventory in the area.
While the number of homes sold in June decreased over the same month last year, June experienced an increase in sales over May 2018, with 4,586 homes sold in June compared to 4,196 in May. This indicates that while most people aim to buy in early summer months, this year’s buying season may last longer.
“Because of the area’s lack of available inventory, homebuyers may be struggling to find houses that fit all of their requirements early on in their searches,” Karen Irace, president of the MORe Board of Directors, said. “It’s likely we’ll see more buyers continue to make offers on homes throughout the summer and early fall.”
Some communities are experiencing a larger decrease in average time on market than others. These include:
- Batavia (38.8 percent decrease in average time on market)
- Calumet City (-42.6%)
- Chicago Heights (-56.0%)
- Elk Grove Village (-58.6%)
- Geneva (-48.8%)
- Keeneyville-Roselle (-36.1%)
- North Aurora (-45.5%)
- Sycamore (-62.6%)
- Vernon Hills (-49.3%)
- Villa Park (-36.1%)
- Wauconda (-64.6%)
- Woodridge (-35.5%)
Ultimately, the state of the market varies across communities, and buyers who aren’t familiar with an area may have difficulty navigating whether a seller’s asking price is in line with the value of similar homes in the neighborhood. This can be especially true when inventory is low and prices begin to trend upward as a result. Use your local expertise to help buyers understand the market during their home searches.