What’s Happening in Our Real Estate Market?

These are the latest happenings in the Chicagoland real estate market.

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Today I want to give you an update on our market through the month of September.

Compared to March 2020, home sales in September were down 34%. This is a big reason for our crazy market. When there’s less inventory, more people fight over the few homes that are left. We only have a current supply of two months, which means it should take less than two months to sell your home. If it has been on the market for longer than that, it’s probably time to consider a change in price.

Meanwhile, the number of homes under contract is down 18% from our peak in May of 2021. But since that was the peak, don’t look back at it to figure out how to price your home. For example, people are on average receiving 98% of their list price. Back in June, people were receiving on average 100% of what they asked for.

"Take advantage of our great market while you still can."

Here’s the big one: In the Chicagoland market, the current average sales price is $361,700. Back in June, it was $400,000. This means pricing has gone down 10% in the last few months.

What does this all mean for you? It’s still a good time to sell, so if you’re looking to take advantage of the market while you still can, give us a call or shoot us an email. We can tell you what your home is worth and help you with anything else you need. We look forward to hearing from you!

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