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    April Market Update 2024 in Northbrook, IL.

    April Market Update 2024 in Northbrook, IL.
    What’s happening this spring with housing in Chicagoland?

    Median Sales price: $560,000 | +8.7%
    Average Sales price: $647,492 | +6.1%
    Market Time: 41 days | -6.8%
    Last list closed: 99.4% | +0.5%
    Month’s supply: 1.4 | -22.2%
    Homes for sale: 70 | -39.7%
    New listings: 753 | -29.5%
    Shows per contract: 16 | +6.7%

    The New York Times says this morning 4/15 “Something deeply unusual has happened in the American housing market over the last 2 years, as mortgage rates have risen to around 7 percent.
    Rates that are high are not, by themselves, historically remarkable. The trouble is that the average American household with a mortgage is sitting on a fixed rate that’s a whopping 3 points lower.
    The gap that has jumped open between these 2 lines has created a nationwide lock-in effect-paralyzing people in homes they may wish to leave-on a scale not seen in decades.”

    If you have had any thoughts of selling or buying, let’s meet for a confidential consultation. We will go through the process and I’ll listen to your goals. We will make a plan and put your best foot forward. Caroline


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