August Housing Report from Illinois REALTORS@
August tends to mark the waning of housing activity ahead of the school year. Not
all buyers and sellers have children, but there are enough parents that do not want
to uproot their children during the school year to historically create a natural
market cooldown before any actual temperature change. Competition is expected
to remain fierce for available listings. Savvy sellers and buyers know that deals can
be made well into the school months, as household formations take on many
shapes and sizes.
New Listings in Chicagoland were up 2.8 percent for detached homes and 10.4
percent for attached properties. Listings Under Contract increased 9.0 percent for
detached homes and 8.0 percent for attached properties.
The Median Sales Price was up 3.0 percent to $242,000 for detached homes and
7.0 percent to $199,900 for attached properties. Months Supply of Inventory
decreased 15.8 percent for detached units and 14.3 percent for attached units.
The prevailing trends lasted through summer. This was expected, since there have
not been any major changes in the economy that would affect housing. Factors
such as wage growth, unemployment and mortgage rates have all been stable.
Every locality has its unique challenges, but the whole of residential real estate is in
good shape. Recent manufacturing data is showing demand for housing
construction materials and supplies, which may help lift the ongoing low inventory
situation in 2018.
MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.