2020 Year End Market Recap

HERE'S YOUR NORTHERN ILLINOIS 2020 MARKET RECAP

McHenry County: We saw an 8% increase in the average sales price. Months supply decreased by about 36%, ending the year at around 2.3. Price per square foot ended the year about 4.2% higher than the beginning of 2020.

Lake County: We saw about an 11% increase in the average sales price. Months supply decreased by about 32%, ending the year at around 3.4. Price per square foot ended the year about 5% higher than the beginning of 2020.

Cook County: We saw a 5% increase in the average sales price. Months supply decreased by about 14%, ending the year at around 3.6. Price per square foot ended the year about 2% higher than the beginning of 2020.

As we discussed much of last year, we were met with an inventory shortage in 2020. However, in all three counties we saw the number of showings per listing increase dramatically -- almost 44% in McHenry County, 42% in Lake County and 23% in Cook County. This high demand and low supply gave us a seller's market.

But what will 2021 bring? While we don't have a crystal ball unfortunately, experts forecast an optimistic year for the housing market. Mortgage rates are predicted to remain at or near 3% -- fueling strong buyer activity. Home prices are also expected to appreciate as more people buy in the year ahead.

If you've had any thoughts of buying or selling in 2021, let's start the conversation now to help determine what timing is right and set yourself up for success in this new year.

Have a great day & a wonderful year ahead!