June 2023 Market Update
HERE'S YOUR NORTHERN ILLINOIS JUNE 2023 MARKET UPDATE
McHenry County: We saw a 12% increase in number of homes sold month over month, and a 25% decrease compared to June 2022.
Lake County: We saw a 10% increase in number of homes sold month over month, and a 30% decrease compared to June 2022.
Cook County: We saw an 8% increase in number of homes sold month over month, and a 23% decrease compared to June 2022.
While rates remain near 7% on average, inventory remains extremely low. Median days on market is almost equal to what we were seeing last June and both average and median sales prices exceed June 2022 numbers in McHenry County while these metrics are more even in Lake and Cook Counties. There have been talks of limiting the Fed rate hikes, but we still expect two more by year end. Keep in mind, IF rates lower into the 5-6% range next year, we will likely see more inventory pop up as people get more comfortable trading their low rates, but we will also likely see an enormous influx of buyers enter (or re-enter) the market after pressing pause during the higher rate season. So, pick your poison I suppose!
*Data provided by MRED (Midwest Real Estate Data) MLS
Looking to buy a home in the Northwest Suburbs of Chicago? Search thousands of homes free at: https://www.dealwithdecker.com/
Looking to sell your home? Find out what is worth at: https://www.dealwithdecker.com/sellers/free-market-analysis/
Decker Group | brokered by eXp Realty
Email: [email protected]
10 N Martingale Rd #400
Schaumburg, IL 60173