Here is this month's headline, and it is one buyers and sellers should build their plans around: mortgage rates hit 7.28%. Freddie Mac's Primary Mortgage Market Survey, released Thursday, October 1, put the average 30-year fixed rate at 7.28%, up from 7.03% a week earlier and the highest level since November 2023. The 15-year averaged 6.60%, up from 6.42%. The usual note up front: no finalized September MLS dataset is published yet, and the September existing-home sales report from the National Association of REALTORS is due later this month, so the community figures below come from the most recent available reports, which vary by methodology. My job is to tell you what the numbers mean for your situation, not just recite them.
The national picture, in one breath
The latest published national report is still August: existing-home sales ran at a seasonally adjusted annual rate of 3.98 million, down 2.0% from July and 1.2% from a year earlier, with inventory at a 4.9-month supply and the national median price at $429,100, up 1.6% year over year. More supply, steadier prices: that is the national story, and it matches most of what our local towns are showing.
Lake County stays the tightest market in the region
Lake County, Indiana, continues to be the supply-constrained story. The federal listing-price data series put the county's median listing price near $314,900 for August, while Zillow's average home value sits near $254,097, up about 1.7% year over year, with homes going pending in about 16 days. Redfin's trailing three-month read puts the median sale near $284,000, up about 5.2% year over year. On the state level, the Indiana Association of REALTORS' most recent monthly report, for July, shows a statewide median near $283,978, up about 3.3% year over year. Translation: Northwest Indiana is still a place where a well-priced home in good condition moves quickly, yet buyers who are pre-approved hold real cards too.
The Illinois towns
Will County's average home value sits near $376,816, up about 2.7% year over year, with homes going pending in about 13 days. Frankfort continues to be the town where sources disagree: Redfin's city read runs near $550,000, down about 0.9% year over year with about 57 days on market and roughly three offers per home, while RealtyTrac's median estimate sits near $489,000. The throughline is what matters: Frankfort has more homes to choose from than a year ago, so honest pricing decides the pace. Orland Park remains the most consistent demand story in the southwest suburbs, with a three-month median near $385,000, up about 5.8%, about 44 days on market and roughly four offers per home. New Lenox holds the strongest price story at a median near $485,000, up about 9%, with Zillow's typical value near $443,000, up about 6.7%. Mokena's Zillow average value runs near $459,000, up about 5.0%, with homes going pending in about eight days. Tinley Park's median sits near $309,000, down about 1.9%, a reminder that even neighboring towns move differently. Lemont's latest Redfin read runs near $518,000, down about 1.9% year over year, while Zillow's average value sits near $592,841, up about 7.6%. Evergreen Park still shows the biggest jump of the group, with a three-month median near $320,000, up about 20.7%, and Zillow's typical value near $294,044, up about 5.2%. In the Palos towns, Redfin's latest reads put Palos Heights near $367,000, down about 4.7%, and Palos Hills near $289,000 on a three-month basis, up about 10.3%. Beecher's three-month median runs near $323,000, up about 13.3%, and Steger's near $169,000, down about 3.2%.
The Indiana towns
Munster's median sits near $385,000, up about 5.5% year over year, with about 33 days on market and Zillow's 46321 typical value near $358,575, up about 2.2%. Crown Point's latest city read near $315,000 is down about 2.5% year over year, yet Zillow's typical home value runs near $362,362 and the median listing price near $393,200, up about 9.25%: the measure and window move the story in that town right now, and the market reads balanced and healthy. Schererville holds near $350,000 on a three-month basis, up about 3%, with about 20 days on market and the most competitive score of the towns I track. Valparaiso's typical home value sits near $356,485, up about 2.1%, with homes going pending in about 15 days, while Redfin's latest city read near $352,000 is down about 4.6%. Cedar Lake still leads the appreciation list near $338,000 on a three-month basis, up about 17.9%. St. John runs near $440,000, up about 5.2%; Highland near $269,000, up about 2.7%; Dyer near $288,000, down less than 1%; and Portage's latest read near $296,000 is down about 0.5% year over year, with Zillow's average value near $269,590.
What this means for sellers
At 7.28%, buyers feel the payment before they feel the house, so your opening price is your most powerful tool. In Lake County, where supply is still thin, a sharp price on a well-presented home still draws real traffic. In the South Suburbs, where inventory keeps building, overpricing today carries more risk than it did in the spring. The buyers who are out there are serious: they are pre-approved and ready to act on the right home at the right number.
What this means for buyers
Here is the honest glass-half-full version: your choices are better than they have been in years. More resale inventory means more negotiating room in most of the towns I serve, and a 7.28% rate makes every seller aware that price matters, which is good news for the buyer who comes prepared. The rate is real, and nobody can tell you with certainty where it goes next, yet waiting has its own cost: rent keeps going out, and each month you wait is a month you are not building equity. Get pre-approved, know your reliable payment and be ready to act, because the well-priced homes still do not linger, and Cedar Lake and Schererville prove that every week.
One more thing
I am licensed in both Illinois and Indiana, so I can compare the South Suburbs and Northwest Indiana in a single conversation, property taxes included. If you want to know what today's rate means for your payment, what your home is worth, or whether this is your moment, I would love to run the numbers with you. Call me at (708) 252-1490 or schedule a call any time. You Can With Joanne!™