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What the heck is going on in Northbrook real estate?

What the heck is going on in Northbrook real estate?

By Heather M. Johnston, C.O.O. & Realtor – The Spaniak Team, eXp Realty LLC

Summer, err, uh, Spring is *finally* here. No, wait. It’s summer weather for sure. Anyway, whatever, Mother Nature is so confused you might as well plan for it to be all 4 seasons on any given day. But I digress.

You know what else seems confusing these days? The real estate market on the North Shore. Luckily, we are here to help break down what’s going on for you.

Pretty much everyone who doesn’t live under a rock has heard by now that homes in the area have been selling quickly and for at-or-above asking price in many cases. A bevy of buyers was just waiting with bated breath for each new house to hit the market and start showings. It was like watching the Running of the Bulls in some cases – yikes! While in many major cities there continues to be a trend of serious inventory shortages and insane price hikes, we really are fortunate here in the North Shore that prices have not ballooned out of control. The reasons for that are probably best set aside for another time, so let’s get back to talking about what’s going on and what’s yet to come.

Northbrook and the surrounding areas saw the “peak” of the Spring real estate market about 1.5 months ago now, as of the time of publication of this article. Already, homes are facing more time on market before going under contract, and some are even having price reductions as well. No more sold-in-24-hours, flying off the shelf kind of shenanigans going on here! Now, don’t misunderstand – inventory is still lower than “normal” and buyer activity is strong, but the sheer desperation has given way to a less frenzied approach to the buying process. Potential buyers aren’t tripping over themselves to meet sellers’ every whim & demand in the hopes of overpaying for the 1 house for sale in their price point within 2 hours of it hitting the MLS. *Insert eyeroll here*   Interest rates are increasing, which means reduced purchasing power for buyers too, especially at lower price points/first time buyers.

Fortunately, given that the North Shore and Northbrook markets are higher than average in terms of price point, this will likely not be as impactful as it will be in the far-out suburbs and more rural areas. 

A buyer’s market is coming. Is that a bad thing? Not necessarily.  It is no secret that mortgage interest rates are rising, as we previously mentioned. That being said, the percentage rates are not exactly sky high or anything. However, coupled with the exorbitant property tax rates in Cook County and surrounding counties in Northern IL, home sale prices are bound to “level out” in the next 3 to 6 months and beyond. 

The inventory scarcity will eventually correct itself and the homes that are on the market at inflated prices will end up reducing as they ‘chase’ the market down. We aren’t trying to sound negative about that, it’s just reality. Many sellers tried to take advantage of the unprecedented market conditions by “selling high” if they could. Some didn’t quite get on the ball fast enough and so, as the shift occurs, they’ll either need to reduce the asking price or figure out other plans. Prices remain up year-over-year so things are definitely still good – no matter what some might say – and it’s a fine time to sell your home if that meets with your needs and plans. Just don’t do it because you think there’s some gold rush going on and you don’t want to be left behind. 

If you have questions about selling or buying in the current market, or are curious about what your home’s value might be, we’d be happy to connect with you.

The Spaniak Team – eXp Realty is one of the top real estate agents in the Chicagoland area. The Spaniak Team specializes in residential homes on the North Shore of Chicago and specifically Northbrook. They can be reached at (847) 318-3431, at, or on the web at

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