Welcome to my August 2020 Orland Park and Tinley Park Real Estate market update video. This video includes the latest news about things like median sales prices, housing inventory, and whether we are in a buyer’s or seller’s market.
Months‘ supply refers to the number of months it takes for the current inventory of homes on the market to sell given the current sales pace.
Historically, one to five months of supply is associated with a seller’s market, five to seven is considered a balanced, healthy market, and anything over seven months of supply is considered a buyer’s market.
Generally, lower levels of months‘ supply tends to push prices up. The closer you get to zero, the more rapid and extreme price increases usually become in the market.
In August, Orland Park housing inventory was just 1 month of supply! That’s down from just 2.2 months supply back in June. That’s EXTREMELY LOW!
That means it’s a GREAT TIME TO SELL!
Click to view the August 2020 real estate market update video: