November 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS NOVEMBER 2022 MARKET UPDATE
McHenry County: We saw a 5% decrease in number of homes sold month over month, and a 28% decrease compared to November 2021.
Lake County: We saw an 8% decrease in number of homes sold month over month, and a 35% decrease compared to November 2021.
Cook County: We saw an 11% decrease in number of homes sold month over month, and a 36% decrease compared to November 2021.
Breaking news: Rates have fallen to the lowest level since mid-September. This is welcome news to buyers who get a little more affordability back, but also to sellers who are hoping this will bring more buyers off the sidelines. We continue to see months supply well under a balanced market, yet average market time is increasing as buyers take their time making offers. Price and condition is so important right now and having a plan as a future seller is key. I'm having lots of conversations with both sellers and buyers to help get a plan in place in order to be prepared to make a move in 2023. If this is something you're considering, let's set up an appointment now.
If you have any questions, just let me know.
*Data provided by MRED (Midwest Real Estate Data) MLS