Tired of doom and gloom headlines? Buckle up for the REAL story of the Chicago northwest suburbs housing market in 2024! Forget crystal balls, we've got data!
Prices defied expectations: Single-family homes rose 5.91% to $452,057 in 2023! Interest rates may stabilize, leading to a buyer flood and potentially higher prices in 2024.
Sellers stayed confident: Average listing prices climbed 5.23% to $450,868! Lower-priced listings were scarce, driving down inventory. Expect a price surge in late February with new listings pushing average list prices towards $480,000 by March.
Get ready to fight for those starter homes: The sold price to asking price ratio could hit 99.5% in 2024. Luxury hunters, rejoice! Lower demand in higher brackets might offer bargains. Remember, I'm here to navigate the twists and turns!
Sales rebound on the horizon: After a 22% drop in 2023, expect a slow but steady climb back to around 1,500 homes sold in 2024. Low inventory, especially for affordable homes, will still be a challenge. But with fewer transactions, agents can dedicate more time to each client.
Inventory starved? Hope is coming: We saw a 566-listing drop in 2023! But 2024 might bring a glimmer of hope. If interest rates dip, expect an influx of higher-priced listings, offering more choice and potentially higher selling prices for starter homes. My prediction? 2,100 listings will hit the market, not a feast, but a welcome snack!
December 2023: Inventory famine: Barely one month's worth of houses! But the story gets twisty. Lower price brackets are starving, with only 0.7 months of options. Higher-priced homes? 3.3 months of choices! Expect inventory to rise to a comfortable 1.8 months by year-end. Whether you're budget-conscious or a luxury seeker, buckle up! It's gonna be an interesting ride.
Showings rebounding? Showings dropped 14% in 2023, but with interest rates dropping, expect more hopeful eyes searching for their perfect home. We predict showings to surpass 2022 levels, reaching 1,700 in 2024! Get ready to dust off your open house smile.
Sellers rejoice! Low supply, high demand means happy home sellers: Expect 12.13 showings per listing in 2024, especially in the early months. Picture buyers eagerly lining up for viewings. Spring could see a frenzy of over 15 showings per listing! But later in the year, things might mellow out, with showings settling around 6-7. Sellers, get ready to shine! The first half of 2024 could be your golden ticket.
Blink-and-you-miss-it market in 2023: Homes spent a measly 36 days on the market! 2024 promises a twist. While the first half might still see homes flying off the shelves, expect days on market to climb back above 40 around election time. Sellers, strike while the iron's hot! Buyers, be prepared to move fast and stay focused. ⚡️
Recap of our 2024 predictions:
Sold prices: $475,000
List prices: $480,000
Sold Price to asking price ratio: 99.5%
Sold homes: 1,500
Listings: 2,100
Months of inventory: 1.8
Showings: 1,700
Spring showings: Over 15 per listing
End of year showings: About 7
Days on market: 40
Let me know: Which prediction will be closest? Which one am I totally wrong about?
Happy Home Shopping in 2024! I'm here to make your situation better. Give me a call! I can assist you in navigating this exciting market.
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