January 2023 Market Update
HERE'S YOUR NORTHERN ILLINOIS JANUARY 2023 MARKET UPDATE
McHenry County: We saw a 44% decrease in number of homes sold month over month, and a 40% decrease compared to January 2022.
Lake County: We saw an 26% decrease in number of homes sold month over month, and a 38% decrease compared to January 2022.
Cook County: We saw an 31% decrease in number of homes sold month over month, and a 41% decrease compared to January 2022.
Despite the decreasing numbers above, Spring market seems to be in full swing -- and it's only February! With interest rates being less volatile, and even decreasing, we are seeing buyers start to reemerge. We are noticing showings per listing increase pretty drastically between the end of January and beginning of February. Prices remain fairly steady as well as inventory remains extremely low. That said, we are noticing homes staying on the market longer as buyers take more time to put in their offers. Having accurate expectation is key.
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