Every few weeks I take a close look at what the latest market data is telling us across the communities I serve, and this month's update has a clear headline: mortgage rates are holding near a year high, and Lake County's August numbers show a market that is pausing, not turning. One note up front: no finalized September MLS dataset is published yet, so the figures below come from the most recent available city-level and source reports, and those sources vary by methodology. My job is to tell you what the numbers mean for your situation, not just recite them.
Rates hold near their year high
Freddie Mac's Primary Mortgage Market Survey released September 3 put the average 30-year fixed mortgage rate at 6.71%, up from 6.66% the week before and from 6.50% a year earlier. The 15-year average sits at 6.04%. That is the highest reading in more than a year, and Freddie Mac's chief economist noted that purchase demand has stayed relatively stable as buyers adapt to the rate environment. For buyers, that is a cost to plan around: locking in when you find the right home at the right price usually beats waiting for a dip that may never come. For sellers, it means buyers are payment sensitive, so pricing and presentation decide how quickly a home moves.
Lake County: the freshest, most telling numbers
The most interesting new data this month comes from Redfin's August update for Lake County, Indiana. The median home price was $296,009 in August, up about 3.9% from a year ago, roughly $97,000 below the national median and about $88,000 below neighboring Cook County. June's median was $298,351, up 12.6% year over year, and July's came in at $294,137, up 3.9%, so prices have settled off the spring surge. Supply remains genuinely tight: about 2.1 months of inventory in June and 2.6 in July, against roughly 3.7 to 3.9 months nationally, and a balanced market is usually 5 to 6 months. Yet August is where the pause shows up: pending sales dropped about 29% year over year and new listings fell about 25%, even as homes sold about 12 days faster than a year earlier, with a typical 26 to 30 days on market. What does that mean? Inventory is still scarce enough to favor sellers, yet the sharp drop in pending sales tells you many buyers have stepped back to let rates settle. This reads as a pause in a tight market, not a turn. If you are a buyer, be ready to move when the right home appears, because the best homes still go quickly. If you are a seller, note that buyers are more cautious: honest pricing from day one matters more than it did in the spring.
Why Indiana keeps drawing Illinois buyers
The property tax story is a big part of that. Per the Tax Foundation's data, Illinois has one of the highest effective owner-occupied property tax rates in the country, about 1.88%, while Indiana's effective rate runs closer to 0.74% to 0.87%, with homestead deductions available to residents. Add in a median home price in Lake County that still runs well below Cook County's, and it is easy to see why the state line is one of the busiest conversations I have with clients. Every situation is different, so I always run the real numbers for people before they decide.
The South Suburbs: more balanced, with pockets of heat
Frankfort
Frankfort's cooldown continues. Redfin's July median for all home types was about $629,600, down 5.2% from a year ago, while the housing-market page shows a median near $550,000 over the most recent month, down about 0.9%, with homes taking roughly 57 days and an average sale price near $580,000. The sources differ, yet the direction is the same: prices have stepped back from the summer highs, and a well-priced, well-presented home still draws real interest.
Orland Park
Orland Park remains the busiest story on the Illinois side. Redfin's median sale price sits near $385,000 over the latest three months, up about 5.5% from a year ago, with roughly 44 days on market and buyers averaging about four offers per home. Zillow's average home value runs near $397,500, up about 4.8%, with homes going pending in about 12 days. Growing inventory means condition, presentation and a realistic starting price decide how quickly a home moves.
The Indiana communities
Munster
Munster's newest data comes with a September read from Movoto: a median list price near $392,000, about $176 per square foot, with a typical 33 days on market, about 13% faster than a year ago. Redfin's sold median runs near $385,000, up about 5.5% year over year. Move-in-ready homes sell at a steady clip, and the condition bar stays high.
Crown Point
Crown Point has settled into a calmer rhythm. Redfin's recent snapshot puts the median sale price near $330,000 with about 32 days on market. Well-conditioned homes still sell at sensible terms, yet buyers have genuine room to negotiate, so an honest opening price wins.
Schererville and Highland
Schererville remains among the fastest-moving markets in the region, with medians in the $335,000 to $350,000 range and homes selling in roughly 20 to 28 days. Highland is the sleeper story: a median near $265,000, homes selling in about 14 days, and a share of sales going above list. In both towns, sellers still hold an edge.
What this means for sellers
Rates at 6.71% mean buyers are payment sensitive everywhere, so the days of list it and wait are behind us. In the South Suburbs, where inventory keeps growing, your first price is your best tool: overpricing today carries more risk than at any point in two years. In Lake County towns like Schererville and Highland you still hold the edge, yet even there, pricing and presentation decide the outcome. If you are thinking about selling, let's start with a conversation about your neighborhood and condition rather than the averages.
What this means for buyers
This fall is genuinely more buyer-friendly than the past two years in many of the communities I serve. Inventory is up in the South Suburbs, pricing is more realistic, and in places like Crown Point there is room to negotiate. The catch is rates: get pre-approved and know your reliable payment before you look, and remember that waiting for a lower rate usually has a cost in price and in lifestyle. With Lake County still short on supply, the homes that fit well and price fairly still move.
One more thing
I am licensed in both Illinois and Indiana, so I can help you compare the South Suburbs and Northwest Indiana in a single conversation, property taxes included. If you are weighing a move, sizing up your equity, or getting ready to list, 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!™