Low inventory contributes to drop in Chicagoland home sales

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 new MORe data.

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.”

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%)
  • Westchester (47.1%)

Since fewer people search for homes during the winter, buyers can expect to find a better deal if they start their house hunt now or in the coming months. If you’re working with clients who are thinking of putting their home search on hold for a few months, remind them that they could benefit from braving the cold weather.

For a closer look at the Chicagoland home market, view our data visualization.