August 2020 Market Update
HERE'S YOUR NORTHERN ILLINOIS AUGUST 2020 MARKET UPDATE
McHenry County: We saw an 8% decrease in homes sold month over month. We also saw a dip in the number of new homes on the market, by about 12% from July's peak.
Lake County: We saw a 4% decrease in homes sold in August compared to July and a 15% drop in new listings.
Cook County: We saw a 2% increase in homes sold month over month and a 5% decrease in new listing inventory from July.
While we typically see new listing inventory peak in May and gradually decrease over the summer, this year we saw a peak in July. With interest rates still at record lows, buyers are out shopping with increased affordability. Sellers have less competition overall with a slight drop in new listings on the market. That said, we are seeing some pockets in areas with higher inventory as all the neighbors have gotten wind of someone down the street selling their home for a great price.