The report season keeps feeding us fresh numbers, and this week the new October material is coming from the state and town level while the national releases line up for Thursday. Freddie Mac's November 5 survey holds the 30-year fixed rate at 7.18%, the third straight weekly decline, and the next survey lands Thursday, November 12, the same day the National Association of REALTORS releases its October existing-home sales report. Everything below is verified against the published reports I can put my hands on this week, and I will break the national release down as soon as it lands.
Illinois' October estimate: prices steady, volume a touch softer
Redfin's October estimate for the state of Illinois puts the median sale price at $313,686, up about 3.5% from a year earlier, with roughly 11,187 homes sold, down about 2.1%, and inventory up about 2% year over year. Translation: prices are still climbing in Illinois, yet the pace of sales has eased, which is exactly what a higher-rate market tends to do. Illinois REALTORS' official October statewide figures are still expected around November 20, and I will update you the moment they post.
Fresh town-level reads for October
Two Illinois towns that matter most to my buyers and sellers got new October reads this week. Orland Park's October median ran near $375,000 at about $200 per square foot, with 582 closings tracked over the trailing six months; the town remains one of the most consistent demand stories in the southwest suburbs. Frankfort's 60423 ZIP shows a median near $520,000, with 232 closed sales tracked over six months and about 40 active listings, a healthy balance that rewards honest pricing.
On the Indiana side, the freshest reads continue to put Munster near $375,000 to $390,000, up about 10% from a year ago, with homes spending roughly 33 to 41 days on market; Crown Point near $355,000 to $365,000, up about 11%, with the fastest pace in the region at roughly 14 days on market; and Schererville near $345,000 to $350,000, up about 5 to 8%, at about 48 days. These windows swing with the sales mix, so I always read the ZIP-level data for the specific town when we talk, yet the direction is consistent: prices holding or climbing while pace slows.
The rate and national picture
Freddie Mac's November 5 survey holds the 30-year at 7.18%, down from 7.24% and the third consecutive weekly decline after a seven-week climb; a year ago the 30-year read 6.22%, so rates still sit about a point higher than last November, yet the direction has clearly turned. Redfin's national report for the four weeks ending November 1 shows the median sale price at $388,604, down 0.4% from a year earlier, the third straight week of annual declines, with pending sales at 275,484, down 16.4% and the lowest in its records, and months of supply at 4.6, the range Redfin calls balanced. The National Association of REALTORS' October existing-home sales report lands Thursday, November 12; September ran at a 3.99 million annual pace with a $417,500 median and a 4.8-month supply, and October will be the first official test of whether the recent rate drop has pulled buyers off the sidelines.
And the numbers we just got from Northwest Indiana
RealMLS's October report for Greater Northwest Indiana, which landed last week, still holds the region's headline: 1,952 closed sales, a median of $363,639 up 4.5% from a year earlier, and a median 39 days on market, about 11% faster than last year. Fewer buyers, yet serious ones, with homes moving at a steady pace when priced and presented for the moment.
What this means for buyers
Rates have now fallen three weeks in a row, and the payment on the same home keeps improving. If your pre-approval dates back to October, ask your lender to re-run the numbers. The national report on November 12 will tell you whether other buyers are moving too. In the meantime, the towns with the fastest pace, like Crown Point at roughly 14 days on market, still reward being ready over waiting for a perfect moment that may not come.
What this means for sellers
October's numbers are quietly a good story for sellers who price honestly: prices are holding or climbing in every town I track, yet pace is slowing and inventory is building. That puts a premium on condition and first-week pricing, the two levers I help sellers pull. The homes that show well and open in the right range are still moving, while overpriced listings sit as we head into the holidays. The full town-by-town picture stays current on my market report.
I am licensed in both Illinois and Indiana, so I can put the South Suburbs and Northwest Indiana side by side in one conversation, property taxes and all. Want to know what today's rate means for your payment, what your home is worth, or whether this is your month to move? Call me at (708) 252-1490 or schedule a call any time. You Can With Joanne!™