August 2023 Market Update

HERE'S YOUR NORTHERN ILLINOIS AUGUST 2023 MARKET UPDATE

McHenry County: We saw a 17% increase in number of homes sold month over month, and a 24% decrease compared to August 2022.

Lake County: We saw an 18% increase in number of homes sold month over month, and a 16% decrease compared to August 2022.

Cook County: We saw a 16% increase in number of homes sold month over month, and a 14% decrease compared to August 2022.

After a slower July, we are back to increasing sales month over month. However, we continue to be down from this time last year. Demand continues to outpace supply, despite the higher interest rates. The number of homes for sale remains pretty consistent as some sellers have opted to stay put in their sub-4% interest rate homes. Other sellers who don't need to buy a new home upon moving are happy to list and take advantage of the low inventory. While some buyers have put off their move, others understand that as soon as rates lower, a flood of buyers will enter the market and we'll be back to those insane bidding wars and even higher prices.

*Data provided by MRED (Midwest Real Estate Data) MLS

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Decker Group | brokered by eXp Realty
Phone: 815-353-0343
Email: [email protected]
https://www.dealwithdecker.com/​​
10 N Martingale Rd #400
Schaumburg, IL 60173