As we move into fall, we wanted to provide an update on the current real estate market in Chicago's North Shore. The trends we've been seeing continue: inventory remains tight, especially as many homeowners are holding on to their properties. In particular, Baby Boomers are opting to stay in their homes, enjoying the benefits of low mortgage rates and being close to family. This has contributed to the ongoing shortage of available homes.
Despite these challenges, buyer demand remains robust, and we are still firmly in a seller's market. Homes are moving quickly, so if you’re thinking about purchasing, it’s critical to be prepared to act fast. Having your mortgage pre-approval in place can make all the difference when competing for limited listings.
Prices continue to rise, with the broader Chicagoland area seeing a 4.4% increase in median home prices over the past year. The North Shore is no exception, with competitive pricing making it essential for buyers to stay nimble and ready to make swift decisions.
For sellers, the market remains favorable. If you’ve been considering listing your property, now is an excellent time. However, for those holding off due to concerns about interest rates, we may see some relief in the future if interest rates begin to drop, which could unlock additional inventory.
Please feel free to reach out if you have any questions or are thinking about buying or selling this season. I’m here to guide you through every step of the process.
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