MArket Update

Chicago Suburbs Real Estate Market Update | June 2024

Chicago Suburbs Real Estate Market Update | June 2024

If you’re a homeowner or looking to buy a home in the Chicago Suburbs, here is your monthly real estate market update for June of 2024. If you are thinking about buying or selling a home, make sure to watch until the end to hear about some opportunities you will not want to miss.

months supply

For a high level view of the market, we are holding steady at about 1.8 months supply of homes which keeps us in a seller’s market. In January 2022 we hit a record low of 1.7 months, and over the past 12 months we have not seen much of an increase. What does this mean? “Months supply” refers to the number of months it would take to sell all the homes currently on the market, given the current pace of sales and the level of inventory available. On the other hand, a high months supply suggests a buyer’s market, where there are more homes available than there are buyers, potentially leading to lower prices and more negotiating power for buyers. A seller’s market is usually 0-3 months supply. A buyer’s market is usually 7 months or more, and a 4-6 months supply displays a balanced market.

buyer or seller market

Average Sales Price

The average sales price in the Chicago Suburbs is $438,000. Keep in mind that this is for the entire Chicagoland area. This ranges from an average of $287,000 in DeKalb County to $576,000 in DuPage County. This is a pretty drastic change from last month, up by about $23,000. It’s a $57,000 increase within the last year.

List to Sale Price Ratio

While the average sales price, the amount the home actually sold for, is $438,000, the average list price was actually $463,000. This has decreased from last month. That being said though, the average list to sale ratio is 100.4%. This is up by .6% from last month and .4% from last June. This means that the average home sold for just over the list price.

Days on Market

Are you wondering how long it might take your home to sell? The average days on market in June was 33 days. This is down by 5 days in May and 4 days last year. There are many aspects that go into how long it will take for your home to sell, but one of the most important things you can do to sell your home quickly is to price it correctly.

Interest Rates

If you are looking to purchase a home, the average interest rate at this time as of July 2nd, for a 30 year fixed mortgage is 7.13%. This number can change depending on your credit score, your income, whether you get a fixed or adjustable loan, if you do a shorter term such as 10 or 15 years, what type of loan you get, or many other factors.

Market Trends

To sum this all up, the summer market is pretty similar to last year, but has picked up quite a bit compared to last month. This can often be a slower time in the market due to buyers and sellers taking a break for summer break and vacations. However, we generally see the market slow down a lot more in mid August when school starts, so if you’re thinking about selling in the next couple months, July is the time to do it! If you’re planning to buy soon, August could help you get a good deal because there is usually less buyer competition, but there will most likely be limited inventory, so less homes to choose from.

Whether you’re buying or selling, I’m here to help. Reach out to me for a no-obligation home value report or set up a call so we can discuss your options. Let’s get started on achieving your real estate goals. My goal is to educate you and empower you to feel confident in your decisions in the home buying and selling process. To set up a call click the link in the description. If you would like to see a market report for a specific suburb, comment below what suburb you’d like to see! If you enjoy this video please like and subscribe and check out my other videos to learn more about buying and selling in the Chicago Suburbs.

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