The report season is opening up, and the first big October release for our region just landed. RealMLS posted its October market data for Greater Northwest Indiana, and it tells a genuinely interesting story: fewer closings than September, yet a median price that keeps climbing and homes that are selling faster than they were a year ago. Meanwhile Freddie Mac's latest survey, from Thursday, November 5, holds the 30-year rate at 7.18%, the third straight weekly decline, with the next survey and the national October existing-home sales report both due Thursday, November 12. Here is what the fresh numbers mean for buyers and sellers on both sides of the state line.
The Northwest Indiana report that just landed
RealMLS's October report for Greater Northwest Indiana shows 1,952 closed sales, down about 13.8% from September, a seasonal slowdown that also fits the rate environment. The median sales price came in at $363,639, up 1.0% from the month before and 4.5% from a year earlier, so prices are still appreciating even as volume cools. The most encouraging line for sellers is speed: homes spent a median 39 days on market in October, about 11% faster than a year ago. In plain terms, fewer buyers are out there, yet the ones who are buying are serious, and homes move at a steady pace when they are priced and presented for the moment.
The rate story so far
Freddie Mac's November 5 survey still stands as the latest official read: the 30-year at 7.18%, down from 7.24%, and the 15-year at 6.57%, the third straight weekly decline after seven weeks of increases. A year ago the 30-year averaged 6.22%, so rates still sit roughly a point higher than last November, yet the direction has finally turned. The next survey lands Thursday, November 12, and that same day brings the National Association of REALTORS' October existing-home sales report, after September's 3.99 million annual pace, a $417,500 median and a 4.8-month supply.
What the national picture is saying
Redfin's newest report, published November 5 for the four weeks ending November 1, shows the national median sale price at $388,604, down 0.4% from a year earlier, the third straight week of annual declines after more than three years of increases. Seasonally adjusted pending sales fell to 275,484, down 16.4% from a year earlier and the lowest level in Redfin's records, while months of supply rose to 4.6, the range Redfin calls balanced. The median monthly mortgage payment dipped to a five-week low of about $2,777. Translation: buyers have a little more room, yet the relief is still fragile because fewer people are locking in contracts.
Fresh town-level reads
On the Illinois side, the freshest city medians show Tinley Park near $335,000, up about 4.6% year over year, a clear turn from this summer's softer reads; New Lenox near $430,000, down about 4.9% after running near $485,000 last November, a reminder that the measure and window move the story; and Lemont near $554,000, up about 1.3%. On the Indiana side, the May through July windows put Munster near $362,700, down about 5.8% with about 25 days on market, Crown Point near $336,300, up about 9.6%, Schererville near $350,100 with about 20 days on market, St. John near $464,800 and Dyer near $349,800, up about 3.1%. Valparaiso's three-month read through September sits near $360,000, up about 10.8%, and Cedar Lake keeps the region's strongest appreciation near $339,000, up about 17.9%.
Every town's story depends on which window you use, and the holiday-season mix of sales can swing medians more than usual, so I read the ZIP-level data for each specific town when we talk.
What's next
Two national releases land Thursday, November 12, and Illinois REALTORS' October statewide figures and the Indiana Association of REALTORS' October report both arrive around mid-month. I will break each one down here as it lands, and the town-by-town picture stays current on my market report page.
What this means for buyers
Rates have now fallen three weeks in a row, and the payment on the same home keeps improving while your offer still holds. If your pre-approval dates back to October, ask your lender to re-run the numbers. The national report out on November 12 will tell you whether other buyers are moving too, and in the meantime the homes that are selling are priced and presented for the moment, so being ready beats waiting for a moment that may not come.
What this means for sellers
October's Northwest Indiana report is quietly a good news story for sellers who price honestly: prices up 4.5% from a year ago and homes selling faster than last year, even with fewer buyers in the field. The buyers who are out there are motivated and comparing your home against a national story of softer prices, so condition and first-week pricing matter more than ever. Those are the two levers I help sellers pull.
I am licensed in both Illinois and Indiana, so I can put the South Suburbs and Northwest Indiana side by side in one conversation. 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!™