November 2023 Market Update

HERE'S YOUR NORTHERN ILLINOIS NOVEMBER 2023 MARKET UPDATE

McHenry County: We saw a 7% decrease in number of homes sold month over month, and an 11% decrease compared to November 2022.

Lake County: We saw a 2.5% decrease in number of homes sold month over month, and a 12% decrease compared to November 2022.

Cook County: We saw a 15% decrease in number of homes sold month over month, and an 11.5% decrease compared to October 2022.

We are heading into the last month of 2023 and the market remains strong in Northern Illinois. While we are not seeing tons of multiple offer situations, we are seeing sellers getting about 98-99% of their last list price on average. However, this compared to 97-98% of their original list price. In other words, we are seeing price decreases happening -- although typically not drastic ones. We have pretty steady supply, albeit still very low. We also are seeing gradually less buyers out due to a combination of time of year and interest rates. However, we are seeing indications and forecasts of lower interest rates in 2024 -- the potential of as many as 6 decreases by the Fed. Keep in mind, this will likely mean an influx of buyers to the market. So buyers, be ready to compete. And sellers, be ready for more competition as well as those home sellers who held off in 2023 decide to come to market next year.

*Data provided by MRED (Midwest Real Estate Data) MLS

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Decker Group | brokered by eXp Realty
Phone: 815-353-0343
Email: [email protected]
https://www.dealwithdecker.com/​​
10 N Martingale Rd #400
Schaumburg, IL 60173

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