May 2023 Market Update
HERE'S YOUR NORTHERN ILLINOIS MAY 2023 MARKET UPDATE
McHenry County: We saw an 8% increase in number of homes sold month over month, and a 28% decrease compared to May 2022.
Lake County: We saw a 20% increase in number of homes sold month over month, and a 21% decrease compared to May 2022.
Cook County: We saw a 14% increase in number of homes sold month over month, and a 26% decrease compared to May 2022.
Overall, we are seeing sizable increases in sales month over month as the summer market heats up. That said, interest rates staying high is contributing to lack of inventory and lack of sales compared to this time last year. While interest rates are certainly a contributing factor, life goes on and many people need to buy and sell regardless of the rates and inventory. The show must go on! Average sales price continues to tick up month over month across the area and average market time continues to decrease as buyers keep needing to buy & move. It continues to be a strong market for sellers, but not as competitive and cut throat for buyers as 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