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 new MORe data. 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.”
The decrease in average market time time among Chicagoland homes was especially notable in the following communities:
- Antioch (-26.2% change in time on market)
- 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%)
- Zion (-37.9%)
Let prospective sellers know now is the right time to put their homes on the market. With the time on market down and the holidays just around the corner, sellers will likely be able to find buyers quickly.
For a closer look at the Chicagoland home market, view our data visualization.