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Chicagoland sees record inventory levels heading into fall

by Meg White

In its most recent Chicagoland Housing Report, RE/MAX reported the available housing stock to be at a 5.5-month supply, which is the highest level recorded so far this year. Compared to the national numbers, which recorded a 3.2-month supply, Chicago is much closer to the magic “balanced market” measure of six months.

RE/MAX September 2019 Chicago Market Trend Report

This is translating to something closer to a buyer’s market for the area, according to Mike Opyd, broker-owner of RE/MAX NEXT. “Chicago is seeing buyers have the power once again,” he said. “I anticipate this fall and winter being one of the best buyers markets we have seen.”

In terms of home sales and prices, the market overall in the Chicagoland area was relatively stable. Nationally, home sales increased 8.1 percent year-over-year in September; by comparison, Chicagoland’s sales were up only 1.3 percent over last year. A similar story played out in home prices. The Chicago area saw prices up 1.1 percent in September over last year, while that number was at 4.5 percent nationally.

Opyd noted that these factors are also playing a role in helping buyers enter the market with more confidence. “The increased inventory means sellers are pricing their properties more competitively,” he noted.

The one area that saw the most change in the monthly report was Grundy County. The southwest side market saw days on market plummet from 146 at this time last year to only 46 in September 2019, the lowest of any of the counties examined in the report. Median sales price was up 9.3 percent year-over-year and home sales were up 11.9 percent.

The numbers fit into what Michelle Lee Mitchell with RE/MAX Top Properties in Morris has been seeing lately. She said buyers who are looking to avoid the high prices and taxes in the city come out to Grundy County in search for properties. “It’s still accessible to the city, while offering a more rural atmosphere, access to Starved Rock State Park and proximity to Route 80,” she added.

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