November 2021 Market Update
HERE'S YOUR NORTHERN ILLINOIS NOVEMBER 2021 MARKET UPDATE
McHenry County: We saw an 8% decrease in homes sold month over month, but a 1.5% increase compared to November of last year.
Lake County: We saw a 6% decrease in homes sold month over month, and a 4% decrease compared to November of last year.
Cook County: We saw a 6% decrease in homes sold month over month, and a 6% decrease compared to November of last year.
Supply still remains low, with months supply hovering between one and two months across much of the area. For comparison, about 6 months is considered a balanced market. That said, we are seeing showings per listing and showings to contract dive down from earlier this year. There is low supply, but we're also seeing lower demand. This is not atypical for this time of the year. Interest rates remain low, so I anticipate buyer demand will surge again very soon. Sellers, the MOST motivated buyers are out there right now so it's a great time to take advantage of this. Buyers, let's chat now to discuss timing and a game plan that works best for you to make the most of this market. If you are thinking of buying or selling this spring, let's chat now so we can make sure you are ready to WIN in the new year!