As the season turns toward fall, the headline from this month's data is steadiness rather than surprise: mortgage rates have held at a year high. Freddie Mac's Primary Mortgage Market Survey released September 10 keeps the average 30-year fixed rate at 6.76%, up slightly from 6.71% the week before, with the 15-year at 6.09%. A year ago the 30-year averaged 6.35%, so buyers are paying roughly four-tenths of a point more than they were a year ago, and that difference shapes nearly everything below. No finalized September MLS dataset is published yet, so the community figures come from the most recent available source reports, and I have flagged each read next to its source. My real job is the same as always: tell you what the numbers mean for your situation, not just recite them.
Rates hold at a year high, and what has changed
The 30-year rate has now been at or above 6.7% for several consecutive surveys, and it sits near the highest level in about a year. Buyers remain payment sensitive, which is exactly why the market is pausing rather than turning: good homes still sell, yet they sell to buyers who are pre-approved, priced in and ready to move. For sellers, that means the opening price is your strongest marketing tool. For buyers, it means patience has real value, and getting your financing in order before you shop puts you ahead of most of the field.
The South Suburbs: more choices, more negotiation room
Frankfort's most recent Redfin read puts the median sale price near $550,000, down modestly from a year earlier with roughly 57 days on market, while a listing-level source runs closer to $639,000. Orland Park's median sits near $385,000, up about 5.5% year over year, with about 44 days on market and buyers averaging around four offers. Tinley Park's Redfin read shows a median near $309,000 with about 45 days on market. Across these towns the theme is the same: more inventory, longer tours and more room to negotiate than buyers had two years ago.
Northwest Indiana: tight, fast, and still drawing Illinois buyers
Schererville reads very competitive, with a median near $350,000 up about 3% year over year and homes selling in roughly 20 days. Munster's median sits near $385,000 with about 33 days on market, one of the tighter markets in Lake County. Crown Point's most recent Redfin figure runs closer to $315,000 with about 42 days on market, while other sources list a higher median near $350,000. When towns this close to the state line keep selling quickly, it is usually Illinois buyers crossing over, drawn by the lower tax bill and more home for the money.
The tax gap still shapes the conversation
Almost every Illinois-to-Indiana conversation eventually lands on property taxes, and the numbers keep backing up the instinct to ask. Illinois carries one of the highest effective property tax rates in the country at roughly 2.0% to 2.1% of home value, while Indiana sits well below the national average at roughly 0.73% to 0.85%. On a $300,000 home that works out to about $6,000 a year in Illinois versus roughly $2,200 to $2,500 in Indiana. Nobody should move for taxes alone, yet when the gap stays this consistent and this large, it belongs in the honest part of the conversation about your monthly payment, not just the purchase price. I run both sets of numbers side by side for my clients because I am licensed on both sides of the line.
What this means for sellers
Rates holding near 6.76% mean buyers will notice your price, and slower market times in several towns mean the opening number is your best marketing tool. Price honestly, present well, and let the condition of your home do the selling. In Munster and Schererville, where demand stays tightest, move-in-ready still wins.
What this means for buyers
More inventory in the South Suburbs, softer list prices in several towns, and a tax bill that can be thousands lower across the line: this remains genuinely the most buyer-friendly stretch in two years in many of the communities I serve. Get pre-approved, understand what your payment really is in each state, and be ready to act when the right home appears. If you are weighing Illinois against Indiana, I would love to run the numbers with you in a single conversation. Call me at (708) 252-1490 or schedule a call any time. You Can With Joanne!™