April 2023 Market Update
HERE'S YOUR NORTHERN ILLINOIS APRIL 2023 MARKET UPDATE
McHenry County: We saw a 1% increase in number of homes sold month over month, and a 19% decrease compared to April 2022.
Lake County: We saw virtually no change in number of homes sold month over month, and a 39% decrease compared to April 2022.
Cook County: We saw a 4% decrease in number of homes sold month over month, and a 33% decrease compared to April 2022.
Overall, we are seeing sales remaining virtually unchanged month over month. We are seeing those laws of supply and demand dominate once again. With the spring weather and rates acting seemingly less volatile over the past month or so keeping fairly steady around the 6.5% range, more buyers are out looking. So, more demand. But what about supply? Well, while new listings have ticked up slightly, this hasn't been enough inventory to meet buyer's needs. Therefore, we have average sales prices increasing and market time and months supply decreasing. If you're debating a move, let's set up a time to chat about what makes the most sense for you.
*Data provided by MRED (Midwest Real Estate Data) MLS
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Decker Group | brokered by eXp Realty
Email: [email protected]
10 N Martingale Rd #400
Schaumburg, IL 60173