Every few weeks I take a close look at what the latest market data is telling us across the communities I serve. Here is the honest read as we head into October 2026. One upfront note: no finalized September MLS dataset is published yet, so everything below reflects the most recent available city-level and source reports, and those sources vary by methodology. As always, I will tell you what the numbers mean for your situation rather than just quoting them.
The big picture
Two themes stand out this month. First, the South Suburbs feel more balanced than they have in years: prices are up modestly, yet inventory has grown, and buyers finally have choices they did not have in 2024 or 2025. Second, Northwest Indiana is really two stories right now. Lake County conditions remain genuinely competitive, while several individual communities there, including Crown Point and Valparaiso, have cooled into a more normal, negotiable pace.
Mortgage rates
The average 30-year fixed mortgage rate stood at about 6.66% in the latest Freddie Mac Primary Mortgage Market Survey, covering the week ending August 27, 2026, with the next reading scheduled for early September. Over the past year that measure has ranged from about 5.98% to 6.69%, so we are sitting near the top of its recent band. For buyers that is simply a cost to plan around: locking in a rate when you find the right home at the right price usually beats waiting for a drop that may never come materially. For sellers, it means buyers are rate and payment sensitive, so pricing and presentation decide how quickly a home moves.
Illinois: the South Suburbs
Frankfort
Frankfort has cooled from the stronger gains we saw in mid-2026. The latest snapshot puts the median near $550,000, down just under 1% from a year ago, while homes draw roughly three offers and market time runs from about 29 days to 57 days depending on the source. Compare that with the summer, when some reports had the median near $630,000. Well-priced, well-conditioned homes still attract real interest, yet the days of pricing at the top of the range are behind us. Pricing from day one matters more now.
Orland Park
Orland Park's median sale price sits near $385,000, up about 5.5% from a year ago, with about 44 days on market and buyers averaging roughly four offers per home. That sounds healthy, yet the real headline is inventory: listings have climbed roughly 50% since February, and list prices in July averaged around $429,900, roughly 8.8% above where they sat in February. More choices for buyers, yet sellers who present well and price strategically still do well. The message: condition and pricing, not luck, decide the outcome now.
Across the metro
Chicagoland suburban detached-home sales rose about 7.5% year over year in March, per Mainstreet REALTORS, and DePaul's Institute for Housing Studies forecasts about 80,000 Chicagoland closed sales in the year ending October, up about 5.1%. City inventory tightened through the first half of the year, down about 25% year over year in January, so south-suburban communities remain the area's genuine affordable entry point.
Northwest Indiana
Lake County leads
Lake County has been one of the most competitive housing markets in the country. In June 2026, median sale prices rose an estimated 13% year over year, roughly six times the national pace, with homes selling in about 30 days and inventory tight. Early in the year the county saw 672 sales in February at a median near $267,760, up about 7.4% year over year. For sellers in Lake County, the conditions remain the strongest in the region.
Munster
Munster is sending mixed signals depending on the source. September listings placed the median near $392,000 with about 33 days on market, a 13% faster pace than a year earlier, while July closed sales per Redfin showed a median near $363,000, down about 5.8% year over year. The practical read: move-in-ready, well-priced homes still sell at a good clip in Munster, and condition expectations are just as high as they were when the market ran hotter.
Crown Point
Crown Point has cooled into a steadier, more balanced market. The median runs near $350,000, about 2.5% below a year ago, with roughly 42 days on market compared with about 26 a year earlier. That is not a bad market, it is a normal one. Well-conditioned homes sell at sensible prices, and buyers have noticeably more room to negotiate.
Schererville
Schererville remains the pace-setter in Northwest Indiana: median near $350,000 over the three months ending June, up about 3% year over year, with market time around 20 days, down from about 33 days a year earlier. Sellers there still hold the edge.
Valparaiso
Valparaiso shows the widest spread between sources. Redfin's July median sits near $352,000 with longer market times around 86 days, while Homes.com reports a median near $375,000, about 4% higher year over year, with about 47 days on market. When reliable sources differ this much, the takeaway is simple: it is a market where a strategy, a realistic price, and patience decide, and where buyers have genuine room to explore and negotiate.
Porter County
Porter County saw healthy demand too: February sales climbed roughly 26 to 30% year over year, with medians near $310,000, and the county posted a very high demand score in April with about 46 days on market.
Indiana property taxes: the change buyers keep asking about
Indiana is phasing in its biggest property tax overhaul in more than a decade. Under Senate Enrolled Act 1, signed in 2025, homeowners get a new 10% supplemental homestead credit capped at $300 per bill starting taxes payable in 2027, homestead deductions restructure through a phase-in that runs to 2031, and the January 1, 2026 assessment updated cost tables raised assessed values that will push some 2027 bills higher before the credit applies. The state's average effective property tax rate remains low, around 0.75%, which continues to draw Illinois buyers and investors across the state line.
What this means for sellers
The old list it and pray days are behind us almost everywhere. In the South Suburbs, rising inventory means your first price is your best tool: overpricing today carries real risk because buyers have more options and they are comparing. In Lake County and Schererville, conditions still favor you, yet presentation and pricing still decide the outcome. And in communities like Crown Point and Valparaiso, where the pace has cooled, an honest opening price from day one beats chasing the market down later. If you are considering selling, let us start with a conversation about your neighborhood, your home's condition, and a pricing plan built for this specific market, not last year's.
What this means for buyers
Greater inventory in the South Suburbs gives you choices and a little negotiating room that did not exist two years ago. In Northwest Indiana you will still face competition for the best homes in Lake County, so being pre-approved and ready to move counts. With rates around 6.66%, the right play is to buy when you find a home that fits your life and your budget rather than waiting for a perfect rate that may cost you more in price later. Fall is also a lovely window: more normal inventory, steadier pricing, and less heat than the summer.
With you on either side of the line
Being licensed in both Illinois and Indiana, I can help you compare communities across the state line in one conversation. Whether 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 anytime. You Can With Joanne!™