Home & Garden
Home inventory remains low, but begins to catch up to demand
Steady decrease in time homes spend on market may reverse soon
DOWNERS GROVE, Ill. – The time Chicagoland detached single-family homes spent on the market continued to decrease in October, showing a 6.1 percent drop over the same month last year, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe). The number of houses sold also decreased slightly, while the median sales price rose 2.5 percent over October 2017.
While homes have been selling quickly over the past year, inventory may be catching up to demand, according to Michael Gobber, president of the MORe Board of Directors.
“Price increases are slowing down, which is giving local inventory a chance to build up again,” Gobber said. “But even with inventory increasing, homebuyers should be aware that prices will likely continue to rise in the coming months. Due to these increases and higher interest rates, this may be the most affordable time for buyers to enter the market in the next 20 years.”
Find out what's happening in Downers Grovefor free with the latest updates from Patch.
The decrease in average market time time among Chicagoland homes was especially notable in the following communities: Antioch (time on market decreased 26.2%); Bartlett (-43.7%); Bellwood (-59.0%); Evergreen Park (-33.7%); Glen Ellyn (-62.2%); Green Oaks-Libertyville (-28.2%); Lansing (-26.5%); Lisle (-48.6%); Niles (-27.7%); West Chicago (-30.1%) and Zion (-37.9%).
“Across Northern Illinois, prospective homesellers should put their houses on the market now,” Gobber said. "With the time houses spend on the market down and the holidays coming up, sellers will likely find buyers quickly.”
Find out what's happening in Downers Grovefor free with the latest updates from Patch.
Note to Editors: If you would like to see the numbers for all of the communities MORe serves, please contact Jordan Dugan at jordan@prosper-strategies.com.
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MORe is dedicated to anticipating and serving the needs of more than 17,000 REALTORS®, affiliates and licensed appraisers in South, West and Northwest Suburban Chicagoland. MORe is the largest local REALTOR® member organization in Illinois and the sixth largest in the nation. To learn what a REALTOR® can do for you, visit www.succeedwithmore.com.
