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Today I want to take a look at the North Shore real estate market and how it has changed recently. When I say North Shore, I’m talking about the area from north of Chicago, beginning in Evanston up until Lake Bluff, from Deerfield, Northbrook and Glenview to the west, and then east to the lake.
The average purchase price in the North Shore for homes is only down by about $10,000 compared to last year. A drop from $677,000 to $668,000 isn’t much of a drop at all. It’s pretty flat.
Here’s an interesting piece of news. There are 400 more homes under contract right now than there were at this time last year. At the same time, there are only 100 more homes listed now than there were at this time last year. This shows us that the market is still vibrant.
The average time on market is up from 91 days to 118 days, so keep that in mind if you’re thinking of selling anytime soon. Your home will probably be on the market for 30 to 60 days and under contract for another 30 to 60 days prior to closing. You’ll need approximately four months to complete your sale, so it’s time to get ready now if you’re thinking of getting on the market anytime in the spring or summer.
If you want more information about the market on the North Shore follow this link. You can find out home prices, average time on the market, how many homes are under contract and how many houses have closed, among other useful information.
Our schedule is getting filled up. If you’re interested in buying or selling a home or know someone who is, give us a call or send us an email today and we’d be happy to help. We look forward to hearing from you soon.