Home & Garden
Low inventory contributes to drop in Chicagoland home sales
As winter approaches, homebuyers may have better luck finding affordable options
DOWNERS GROVE, Ill. – The number of detached single-family homes sold in Chicagoland dropped this September, due to a continued lack of inventory in the area. The number of houses sold last month decreased 9.9 percent over September 2017, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe).
Michael Gobber, president of the MORe Board of Directors, said buyers and sellers shouldn’t be concerned about this drop in sales. The average market time also decreased 13.8 percent, and the median sale price increased 4.2 percent, indicating a continued lack of inventory.
“September’s decrease in home sales isn’t due to a lack of interest in area homes. It’s because there aren’t as many homes on the market,” Gobber said. “Home sales tend to slow this time of year. This combined with a lack of inventory make last month’s drop in home sales seem more significant than it really is.”
Find out what's happening in Downers Grovefor free with the latest updates from Patch.
Despite an overall drop in Chicagoland home sales, a number of area communities showed an increase in sales over September of last year. These communities include Addison (29.2 increase in home sales); Batavia (23.1%); Brookfield (25.0%); Evergreen Park (35.3%); Hinsdale (50.0%); Naperville (20.6%); Park Forest (22.2%); Sycamore (40.0%); Villa Park (36.8%) and Westchester (47.1%).
“To make the most of this period of low inventory, buyers may want to start their house hunt in the coming months as the weather cools down,” Gobber said. "Fewer people search for homes during the winter, and sellers often lower their prices. While fewer homes will be on the market, buyers may find a better deal.”
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.
