July 2023 Market Update
HERE'S YOUR NORTHERN ILLINOIS JULY 2023 MARKET UPDATE
McHenry County: We saw a 12% decrease in number of homes sold month over month, and a 22% decrease compared to July 2022.
Lake County: We saw a 9% decrease in number of homes sold month over month, and a 17% decrease compared to July 2022.
Cook County: We saw an 21% decrease in number of homes sold month over month, and a 22% decrease compared to July 2022.
July tends to be a slower sales month in general as people are pre-occupied with vacations, travels and other summer fun. However, we did see a dip not only from June but from July of last year as well. We never really saw the spike in new listings hit the spring and summer market this year as many sellers feel rate-locked in their homes. There are still many more buyers than homes for sale (i.e. sellers' market), but some buyers have opted to put off their next home purchase -- especially those without a pressing reason to make a move. Regardless, the market in our area remains strong and homes are still selling -- just at a lower rate than we saw in the height of the covid market.
*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