August 2021 Market Update

HERE'S YOUR NORTHERN ILLINOIS AUGUST 2021 MARKET UPDATE

McHenry County: We saw a 10% decrease in homes sold month over month, and a 7% decrease compared to August of last year. 

Lake County: We saw about a 6% decrease in homes sold month over month, and a 1% decrease compared to August of last year. 

Cook County: We saw about a 7% decrease in homes sold month over month, and a 1.5% decrease compared to August of last year.

Across all of these counties, we are seeing number of showings per listing decreasing and market time slightly increasing. There is much less of a buyer frenzy -- many buyers fought it out and found their homes in the first half of this year or some buyers decided to put the breaks on their home search after being frustrated by the tough market. However, low interest rates are still around so it's an advantageous time to buy, especially with decreasing competition. Sellers -- now is the time to sell before we see any further shifts in the current market. We are currently seeing double-digit increases in average home price compared to this time last year, so now is the time to capitalize on your investment.

If you have any questions about buying or selling today, just let me know.