February 2023 Market Update
HERE'S YOUR NORTHERN ILLINOIS FEBRUARY 2023 MARKET UPDATE
McHenry County: We saw a 30% increase in number of homes sold month over month, and a 20% decrease compared to February 2022.
Lake County: We saw a 12% increase in number of homes sold month over month, and a 25% decrease compared to February 2022.
Cook County: We saw a 9% increase in number of homes sold month over month, and a 34% decrease compared to February 2022.
Oh how rates have changed in just the month since my last market update! We are seeing rates cross into the 7's which is not welcome news for buyers (or sellers really). While we saw sales increase across the area from January, we are still down from the previous year when rates were still nice and low. Months supply continues to tick up, but we still don't have an overabundance of homes available. There is another Fed meeting later this month which everyone is hoping will provide more clarity (and hopefully good news) around rates going into the peak Spring months.
I monitor the market DAILY so if you have any questions, just let me know.
*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