Prices on the rise due to record-low inventory, Mainstreet reports

by Emily Mack

Chicagoland housing inventory is at its lowest supply in a decade, according to Midwest Real Estate Data. In turn, sales are down and prices are high. New stats from the Mainstreet Organization of REALTORS® show that the number of detached single-family home sold during October 2021 decreased 12.8%, year-over-year, while prices were up 6.7%. During that same period, attached home sales dropped 10.9% with prices up 9.6% from last October.

“We’re expecting to see some changes in the market as the mortgage rates due to inflation,” said Mainstreet Board of Directors President John LeTourneau of the new report. “Traditionally, we’d expect a surge of demand prior to an expected increase in mortgage rates, but inventory is already too low to meet the existing demand. Once mortgage rates rise, we will see sellers need to adjust their asking prices to meet buyers where they are at, but it may take a few months for this to stabilize.”

Among the widespread price hikes, some areas demonstrated especially significant growth. Year-over year, the suburbs which experienced a median sales price increase higher than 20% during October were: Chicago Heights (a 68.1% increase), Monee – Unincorporated Monee (43.3%), Dolton (40.7%), Oswego (27.5%), Beach Park (27.2%), Maywood (26.3%), Montgomery (26.1%), Evergreen Park (22.2%), North Aurora (22.0%), Oak Lawn (20.8%), Lemont (20.6%) and Streamwood (20.2%).

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