Closed median sale prices are down 6.7% in La Grange for a rolling 12 month timeframe since 2009. For the same time period, we're seeing a 28.4% increase in # of units closed and a 23.5% decrease in months supply of inventory on the market.
So, what does this mean for homeowners considering selling in today's market? Sale prices are still declining... but homes listed at a price the market will bear are selling quickly. There is also a lack of inventory in the marketplace which means less competition out there for sellers.
Buyers are seeing very low prices combined with extremely low interest rates, which makes this an exceptional time to buy. With inventory declining, finding the home you're looking for may become more difficult going forward. First time buyers should look into down payment assistance programs for up to 3% of the purchase price towards a down payment. Click here for more information on down payment assistance programs.
Looking for additional information or curious about current market conditions in another town? Call 708.491.4202 or email veronica.sandoval@bairdwarner.com.
Veronica Sandoval, IL Licensed Real Estate Broker (Baird & Warner Real Estate- La Grange, IL)
