Today the National Association of REALTORS released its September existing-home sales report, and it is the freshest national picture we have had in a month. The headline: sales ticked up, yet the market is still running below the 4 million mark, and the national median price set a record for the month of September. Here is what the numbers say, and what they mean for buyers and sellers in the communities I serve.
The national picture: 3.99 million sales and a record September median
Existing-home sales rose 1.5% month over month to a seasonally adjusted annual rate of 3.99 million, yet they remain 2.2% below where they sat a year ago. The national median existing-home price came in at $417,500, up 1.3% from a year earlier, an all-time high for the month of September. Regionally, sales increased in the South and West, held steady in the Midwest, and declined in the Northeast. For context on our corner of the country, the Midwest median sat at $340,400 in August, up 3.3% year over year, the most affordable of the four regions by a wide margin.
On the supply side, the cushion that built through the summer remains the story. The most recent published inventory figure, from August, stood at 1.62 million homes, a 4.9-month supply, the highest cushion since 2015. That is real breathing room for buyers compared with the tight markets of recent years.
Rates: still the headline for buyers
Freddie Mac's October 8 survey put the average 30-year fixed mortgage rate at 7.40%, the highest reading since 2023, and the next survey lands Thursday, October 15. The September report's modest sales uptick happened against that backdrop, which tells you something: the buyers who are out there are serious, pre-approved and ready to act on the right home at the right number.
What the local numbers show
On the Indiana side, the Greater Northwest Indiana MLS, RealMLS, published its September data earlier this month: 2,155 closed sales, down about 10.6% from a year earlier, with a median sales price of $360,000 and a median 39 days on market, down about 7.1% year over year. Fewer sales yet faster-selling homes at a firm median: that is the signature of a market where well-priced homes still move and the rest wait for the right buyer. Redfin's August update for Lake County keeps the same theme, with a median sale price of $296,009, up about 4% from a year ago, and a median 32 days on market.
On the Illinois side, no finalized September county-level dataset is published yet for the South Suburbs, so the freshest city-level reads I track still come from the Redfin and Zillow windows through early October. The pattern there has been steady: more inventory than a year ago, more realistic pricing, and the best-presented homes drawing the traffic.
What this means for buyers
The record September median is a reminder that prices are still firm nationally, yet the Midwest remains the most affordable region, and our corner of it is more balanced than it was two years ago. Rates at 7.40% make the monthly payment the real decision driver, so the math matters more than the news cycle. Get pre-approved, know your reliable payment, and be ready to act when the right home appears, because in Lake County especially, the good ones still do not linger.
What this means for sellers
A record September median is a good story, yet buyers are choosy at these rates. Your opening price and your condition are your best tools: overpricing today carries more risk than it did in the spring, and in the South Suburbs, where inventory keeps building, the first two weeks on market are the ones that matter most. If you are thinking about selling, let us start with your neighborhood and your home, not the county averages.
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 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!™