June 2019 Real Estate Market Report

The Spring Market ended on a high note in Chicagoland - with prices continuing to rise and the number of homes going under contract moving in the upward direction. And so far, it looks like these trends are continuing into the Summer Market (the drop in mortgages rates definitely helps too).

Let's take a closer look at three current market indicators: median sales price, homes under contract, and new listings.

1. Median Sales Price - The median sales price continues with its upward trajectory - up to $243,500 - a 2.3% increase from this time last year. This trend is good for everyone. It means that buyers can rest easy that their investment will likely increase in value and sellers are more likely to be able to cash out on their equity.

2. Homes Under Contract - The number of homes getting offers and going under contract had been steadily declining since the end of 2017. This had many experts concerned of another impending recession. But the latest numbers to come out show a reversal of this trend! The number of homes under contract is up from last month, and many experts are now optimistic that this trend will continue through the summer, especially with the lowering interest rates.

3. New Listings - The number of new listings coming available for sale continues to rise and has been on an upward trend since the beginning of 2018. This is great news for buyers, as the low inventory of homes for sale was a major issue in 2018. With more homes available to choose from, buyers have a better chance of finding their dream home....and getting it at a price they can afford.

To see more specific sales data in your own suburb or neighborhood, click the appropriate links below:

Western Suburb Market Report

City Market Report

Northwest Suburb Market Report

North Shore Market Report

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