The Latest Stats From Our Market

Here are the latest stats from October 2021 housing market.

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Let’s go over what happened in the real estate market here in the Chicagoland area over the month of October 2021.

The average sales price was $358,825. That’s a 1% decline from September, which was $361,165, and an even sharper drop from when the market peaked in June at $400,109. One year ago in October 2020, the average sales price was $344,879, showing that the average sales price has increased since last year.

In October 2021, the average original list price was $381,000. The market peaked back in February when the average was $441,000. One year ago, the average was $391,000, demonstrating that homes last month were listed for $10,000 less on average.

But how long were homes spending on the market? Between 2018 and 2020, the average ranged somewhere between 60 and 105 days, meaning that it would take an average of two to 3.5 months for a property to go under contract. The average market time as of last month was 42 days, so homes are selling faster.

"You’ll make more money from your sale than you would have a year ago."

The months' supply of homes actually declined. The lowest point for inventory was between March and May 2021, which was 1.7 months of supply. In September this year, inventory increased to 2.1 months but then dropped back down in October to 1.8 months. That means if no other homes came on the market, it would take us 1.8 months to sell all of what is currently available. That’s a great number for sellers, who will enjoy the reduced competition, but not for buyers, who lament the lack of options.

So in summary: Inventory is dropping, but that’s not unusual for this time of year. The average sale price might be slipping because it peaked earlier in the year. And even though the average original list price is down, it’s still a fantastic time to sell a house; you’ll make more money from your sale than you would have a year ago.

If you have any questions about what is going on in the market or how it affects your real estate prospects, don’t hesitate to reach out to us. We’d love to help break down the information for you.

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