Despite slow sales in the early part of the summer, the Chicagoland housing market has rebounded over the past few months, according to MORe data. The number of detached homes under contract increased by 13.2 percent in September 2019 over September 2018, while the number of detached homes sold increased 2.3 percent.
“The bell curve of home sales shifted this year, thanks to a slow, cool start to summer,” MORe Board of Directors President Brian Kwilosz said. “We’re now seeing the level of sales we usually expect to see 45 to 60 days earlier in the year.”
Kwilosz also noted that current demand varies by price: homes under $325,000 are moving much faster than higher-priced homes.
The communities that saw sharp increases in detached homes under contract in September include:
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Addison (57.1 percent increase in homes under contract)
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Bartlett (31.8%)
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Buffalo Grove (75.0%)
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Green Oaks-Libertyville (44.4%)
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Hainesville-Grayslake (46.9%)
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Lombard (100.0%)
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Matteson (55.0%)
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Mount Prospect (62.1%)
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Oak Forest (85.7%)
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Oak Lawn (31.7%)
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Palatine (29.3%)
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Park City-Waukegan (34.4%)
“There may be fewer buyers looking at this time of year, but the people who are out there are serious buyers,” Kwilosz said. “We expect to see plenty of activity over the next few months.”
As a Mainstreet REALTOR®, your clients will be relying on you to help them navigate an unusually strong fall market. The increased activity could help homesellers beat market averages as we move into the holiday season and winter months.