October 2023 Market Update
HERE'S YOUR NORTHERN ILLINOIS OCTOBER 2023 MARKET UPDATE
McHenry County: We saw a 16% decrease in number of homes sold month over month, and an 11% decrease compared to October 2022.
Lake County: We saw a 13% decrease in number of homes sold month over month, and a 17% decrease compared to October 2022.
Cook County: We saw a 9% decrease in number of homes sold month over month, and an 8% decrease compared to October 2022.
Months supply remains low in all three counties, dipping to 1.2 in McHenry, 1.6 in Lake and 2.2 in Cook for the month of October. Remember, anything under 5-6 months is considered a "seller's market" from the perspective of supply vs. demand. Because we still have more buyers than homes for sale, average percent of last list price remains between 99.2-100.1% across the areas. That said, there is still opportunity out there for buyers. While interest rates remain high, some sellers are offering credits, interest rate buy downs and willing to entertain contingencies -- things that were entirely off the table during the pandemic market. Those turn key homes that are priced well are moving fast and with competition. But those homes that are sitting a bit longer for whatever reason are more likely have more flexible and accommodating sellers.
*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