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 numbers came with a fresh headline: mortgage rates are at their highest level in more than a year. 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. My job is to tell you what the numbers mean for your situation, not simply recite them.
Mortgage rates: the year's high, so far
The average 30-year fixed mortgage rate came in at 6.71% in Freddie Mac's Primary Mortgage Market Survey released September 3, up from 6.66% the week before and from 6.50% a year earlier. It is the highest reading in more than a year, and the 15-year average stands at 6.04%. Over the past month the rate has drifted from 6.69% to 6.65% and back to 6.71%, so we are sitting near the top of the band. 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, and pricing decides how quickly a home moves.
The South Suburbs: more balanced, with some heat
Frankfort
Frankfort's story is a cooldown. Redfin's July median sits near $629,000, down about 5.2% from a year ago, while listing-price sources run closer to $557,000. The big gains of mid-year are behind us, yet a well-priced, well-presented home still draws real interest. In this market, the first price is your best tool.
Orland Park
Orland Park holds steady: a median sale price near $385,000, up about 5.5% year over year, about 44 days on market, and buyers averaging roughly four offers per home. The real story is the growing inventory, with list prices averaging around $429,900 in July, about 8.8% above February. More choices for buyers, and move-in-ready, well-priced homes still move.
Mokena and New Lenox
Mokena is a case study in how much the source matters. Zillow's average home value for the 60448 zip runs near $456,000, up about 5.2% year over year, while Redfin's most recent single-month median can swing on just a few sales. New Lenox shows steady family-driven demand, with a median near $485,000, up about 9% from a year ago, and roughly 53 days on market. In both towns, listing-level analysis matters far more than a zip average.
Across the metro
Chicago itself keeps tightening, with city inventory down about 12% from a year ago and average sale prices up about 6.2%, near $409,000. For buyers, that keeps our south-suburban communities one of the metro's genuine affordability entry points.
Northwest Indiana
Lake County still leads
Lake County remains one of the more competitive housing markets in the region. Median prices rose about 13% year over year in June to about $298,000, then eased to roughly 4% growth near $294,000 in July, with homes selling in about 26 to 30 days and listings down about 7%. We're still a seller-friendly place, and most of the cards remain with sellers.
Munster
Munster sends a mixed yet readable signal: Redfin's July median near $363,000 is down about 5.8% from a year ago, with homes selling in about 21 days. Move-in-ready homes sell at a genuine clip, yet the condition bar is simply higher than it was a couple of years ago.
Crown Point
Crown Point's freshest numbers point higher than they did a few months ago. Redfin's May median near $330,000 is up more than 11% from a year earlier, while Zillow's typical value runs near $362,000 and listing medians near $393,000. Different methods, same theme: demand there remains healthy.
Schererville
Schererville is still the pace-setter, with a median near $350,000 over the three months ending June, up about 3% year over year, and market time around 20 days. Sellers there keep the edge.
Valparaiso and Porter County
Valparaiso's inventory is lean, around two to three months of supply, with a sold-to-list ratio near 98.6% and typical market time around 17 days in June. The estimated median value sits near $379,000, while one sale-based source runs closer to $352,000. Porter County sales rose about 30% year over year in February at a median near $310,000, and Highland keeps moving at about 14 days on market with a median near $266,000.
What this means for sellers
This region is not close to balanced in the places that matter. Lake County, Schererville and Highland are still seller-friendly markets where pricing and presentation decide the deal. In Frankfort, a price at the top of the range now carries more risk because buyers are comparing. If you are thinking about selling, the smart move is a conversation about your neighborhood and your home's condition, then a pricing plan built for this market, not last year's.
What this means for buyers
Buyers in the South Suburbs have more choices than at any point this year, which gives you leverage when you are prepared: pre-approved, clear on what you want, ready to act on the right home. In Northwest Indiana, the best homes still move quickly, so working with someone who knows the towns matters. And with rates around 6.71%, the math says buy when the numbers work for your household, because waiting for a headline rate rarely beats finding the right fit.
With you on either side of the line
Being licensed in both Illinois and Indiana, I can compare communities on both sides of the state line in one conversation. Call me at (708) 252-1490 or schedule a quick call and we will run the numbers together. You Can With Joanne!™