Median Sales Price Rose Even as Number of Homes Sold Slipped in October

The median sales price of detached Chicagoland homes rose 6.5 percent in October 2019 compared to October 2018, according to new MORe data. During the same period, the total number of detached homes sold dipped by 2.3 percent. 

“The increase in median sales price is a strong indicator for our area,” MORe CEO John Gormley said. “The combination of a rise in price with a decrease in sales volume may be due to limitations on inventory — not as many homes are being built as we need to meet demand in our area.”

Despite the decrease in home sales, both September and October data showed a strong increase in the number of homes going under contract. Based on the October sales data, many of the sales of the homes that went under contract in September have yet to be finalized. 

“We still expect to see an uptick in sales based on all the homes that have been going under contract this fall,” MORe Board of Directors President Brian Kwilosz said. “However, we’re seeing homes in our area take longer to go from contract to closing.”

The communities that saw notable increases in detached home sales price include: 

  • Aurora (21 percent increase in sales price)

  • Blue Island (29.1%)

  • Dolton (10.3%)

  • Franklin Park (16.2%)

  • Glen Ellyn (28.7%)

  • Matteson (11.3%)

  • Maywood (23.8%)

  • Montgomery (22.1%)

  •  Mundelein (15.8%)

  • Orland Park (16.9%)

  • Oswego (11.2%)

  • Park City-Waukegan (10.7%)

  • Schaumburg (22.4%)

  • West Chicago (31.9%)

  • Zion (14.7%) 

 If your clients are concerned about selling before the end of the year, help them understand the importance of pricing correctly. When the price reflects a home’s market value, it can sell — even in an Illinois winter.