Here’s an update on the state of our real estate market this fall.
Today we’ll update you on our fall market. We’re looking at the entire Chicagoland area, but if you want a narrower overview, we can do a personalized analysis for you. Over the spring and summer, buyers were frustrated because they were putting in offers but weren’t getting anything under contract. The trend we’re now seeing is that they took a break, regrouped, and now they’re showing up confident, focused, and ready to collaborate with us.
It’s still a great time to list your home for sale. Prices are up 12.7% over the last 12 months. The average sales price of attached and detached units is $275,000. If you are a buyer who’s concerned about the prices, remember that interest rates are still really low, which means that you have a lot of buying power. It’s a win-win for both parties.
The average days on market is only 53 days. That’s down 36.1% over last year so buyers still need to remain focused. For sellers, this means that you can still get your home sold before the end of the year. Right now, we only have two months of inventory, which is down 42.9% over last year. A healthy, neutral market has about six months of inventory.
Buyers, if you’re focused and ready to collaborate with us, give us a call. We would love to set up a no-obligation consultation with you. The fall usually isn’t the best time to sell your home, but that’s not true this year. We would love to hear from you sellers and do a no-obligation analysis on your home. We look forward to hearing from you.