January 2021 Market Update

HERE'S YOUR NORTHERN ILLINOIS JANUARY 2021 MARKET UPDATE

McHenry County: We saw a 41% decrease in homes sold month over month, but a 24% increase compared to January of last year. New listings also increased from December, up 40%.

Lake County: We saw about a 30% decrease in homes sold month over month, but a 17% increase compared to January of last year. New listings also increased from December, up 39%.

Cook County: We saw about a 32% decrease in homes sold month over month, but a 16% increase compared to January of last year. New listings also increased from December, up 60%.

It is the unofficial start of the Spring market here in Northern Illinois! While we have been saying we are lacking inventory, that is somewhat misleading. We are getting more inventory to the market, but buyer demand is eating up that inventory quickly. Months supply is just 2.3 in Cook County, 1.4 in Lake County and only 0.8 in McHenry County! Rates are incredibly low, driving that demand. I recently had buyers get pre-approved at just 2.75%! 

Sellers -- now is the time to list! And buyers, it's so important to work with an agent who closely monitors the market and the supply to get you into homes quickly.

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