The National Association of Realtors has advised us that housing affordability improved in the last quarter, with more people able to buy a home costing the statistically average $161,800. According to the index, the typical U.S. household was making 135.3% of income needed to buy an average home?an increase of 2.9 percentage points from the second quarter. Low interest rates are being credited for the improved affordability.
We have felt that increase in the Northwest suburbs. Even though home sales have slowed down a bit at this time, the statistics are from homes that closed. Those homes actually went under contract 30-45 days prior to the closing. You can see from the statistics spreadsheet the average marketing time is anywhere from 22 to 48 days. Please note also that the average percentage of list price to sale price is 97%-99%. You?ll also see the number of homes closed in October, the average sale, the high sale for the Village and the low sale. This information was obtained from the Multiple Listing Service of Northern Illinois.
To learn what?s happening in the various Villages in the Northwest Suburbs, go to the Local Info button and click on the Village you want to learn more.
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