September marked a third month of record-breaking homes sales, with closings up 21.1% from a year ago and homes selling an average 39 days, down a full week from one year ago, according to the RE/MAX National Housing Report for September.
Inventory reached an all-time low in the report’s 13-year history, dropping 31.9% from September 2019.
In Chicago, the number of transactions dropped 16% from the previous month to 11,368. That’s up 26.4% from the previous year. The number of days homes spent on the market before selling was flat at 37 from the previous month and was down 5.7% from the previous year.
The median sales price of a Chicago home was down 1.8% month over month to $275,000 and up 14.6% year over year. The median listing price was down 2.7% to $277,334 from August and was up 12% from the same time last year.
“The Chicagoland market, as a whole, has been on fire! Driven by a lack of inventory in the surrounding neighborhoods and the immediate suburbs, prices have been rising at a rapid rate,” said Mike Opyd, Broker/Owner, RE/MAX NEXT (Chicago). “Buyers have begun to take to the city’s outskirts as serious options causing listings to struggle to keep up with demand. Multiple offers on properties are the norm now, causing median prices of homes to rise almost 15% from this time next year. This trend is likely to continue for the coming weeks as we roll into the holiday season.”
Sales nationwide were down 3.3% in September from the previous month, but that’s compared to the average drop-off rate of 15.3% between the two months over the last five years.
“September’s massive year-over-year increase in home sales was the latest reminder of the housing market’s overall strength and resiliency,” Adam Contos, CEO of RE/MAX Holdings, Inc., said in a press release. “Demand is off the charts right now. Buyers of all ages are coming into the market determined to improve their quality of life through amenities, community and the unique security that comes with homeownership. They’re working through the challenges of tight inventory, high prices and competing offers to take advantage of historically low interest rates and, in many cases, the greater mobility they now enjoy through working remotely.”
At $289,900, the median sales price was a mere $100 below record high set the prior month. That’s up 12.8% from a year ago. The number of months of supply of inventory ticked up to 1.8, a marginal improvement over the record low of 1.7 in the previous two months.