Seller’s market continues in Chicagoland

DOWNERS GROVE, Ill. – The 60-month trend of price gains continues for Chicagoland homeowners, according to statistics released by the Mainstreet Organization of REALTORS® (MORe). The median sale price for an area home was up 3.1 percent in August over the same month last year, while the average amount of time a home was on the market decreased 9.5 percent. Price increases and market time decreases have been ongoing trends throughout 2018, indicating that the current seller’s market is here to stay for the time being.

Data indicates that the next few months are likely to bring more home sales than the same season last year. Although August home sales decreased 0.9 percent last month over August 2017, the number of homes under contract increased 5.7 percent.

“August is typically slow for home sales, but we expect them to pick up during the fall, especially among low- and mid-priced homes,” Michael Gobber, president of the MORe Board of Directors, said. “Lower priced homes are generally seeing price increases and shorter market times, and we’re noticing the opposite for high-priced homes.”

A number of area communities showed an increase in median sale price over August of last year. These communities include Addison (17.6 percent increase in sale price); Antioch (24.9%); Calumet City (52.9%); Downers Grove (17.4%); Glen Ellyn (16.8%); Hinsdale (19.8%); Matteson (10.7); Maywood (27.4%); Palatine (30.6%); Round Lake (15.2%); South Holland (16.0%) and Westmont (16.6%).

“During this period of price increases across communities, buyers who find a home within their budget are likely to experience a multiple offer situation. Homebuyers should be prepared to make an offer the day they tour a home,” Gobber said. "Buyers should also work with a REALTOR® who has access to the MLS and can alert them immediately about a new home within their budget.”

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.