September 2023 Market Update
HERE'S YOUR NORTHERN ILLINOIS SEPTEMBER 2023 MARKET UPDATE
McHenry County: We saw a 4% decrease in number of homes sold month over month, and a 19% decrease compared to September 2022.
Lake County: We saw a 25% decrease in number of homes sold month over month, and a 23% decrease compared to September 2022.
Cook County: We saw a 19% decrease in number of homes sold month over month, and an 18% decrease compared to September 2022.
In the month of September, Lake and Cook Counties saw the most drastic spike down in sales from August as compared to McHenry County. The number of new listings have also fallen in the last month, further contributing to the low inventory in our market. As interest rates remain high, this could be a season of opportunity for those buyers who don't let the rates scare them away. We're seeing less competition (especially in those higher-than-average price points). Rates historically fall in election years, so we'll see if that rings true in 2024. However, keep in mind the relief in rates will undoubtedly bring a swarm of buyers & increased competition from those who have been waiting on the sidelines for rates to fall.
*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