The October numbers are out, and it’s encouraging to see median sales prices up 6.9% in Illinois, and 8.1% in the Chicago Primary Metropolitan Statistical Area, which is made up of Cook, DuPage, Kane, Lake and Will County along with Lake County in Indiana.
At first glance, a decrease in home sales isn’t the best indicator, but as I mentioned yesterday, inventory is down across the board and for the Chicagoland area it is down to just 4.3 months of inventory (6 being a balanced market) meaning this would be considered a strong seller’s market. An influx of buyers will be entering the market as soon as the calendar turns to 2017, so if you are considering selling your house it would be best to get a jump on the market and list before everyone else does this coming Spring.
This info-graphic shows some encouraging signs as the Illinois market as a whole is showing steady, consistent growth:
These are all positive indicators for sellers with prices going up as inventory has been going down. With interest rates on the rise, buyers are going want to move quickly in order to lock in the best possible rates.
The numbers above are aggregated and showing the market as a whole, however, everyone has their own specific market and the numbers for your market could be vastly different. As prices get higher, there is more inventory on the market because there are simply less buyers the higher you climb up the price range, which creates a buyer’s market. Pricing correctly from the start becomes more important than ever in this scenario. To take a closer look at your market, check out the numbers at the Local Real Estate Markets page.