The 60-month trend of price gains continues for Chicagoland homeowners, according to new MORe data. The median sales 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 sales price over August of last year. These communities include:
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Addison (17.6 percent increase in sale price)
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Antioch (24.9%)
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Calumet City (52.9%)
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Downers Grove (17.4%)
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Glen Ellyn (16.8%)
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Hinsdale (19.8%)
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Matteson (10.7%)
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Maywood (27.4%)
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Palatine (30.6%)
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Round Lake (15.2%)
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South Holland (16%)
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Westmont (16.6%)
Given the current market conditions, buyers are likely to encounter multiple-offer situations. Counsel your clients that they should be prepared to make an offer the day they tour a home.
For a closer look at the Chicagoland home market, view our data visualization.
