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    November Market Update in Northbrook, IL

    Average Sales Price

    $635,853 | +7.5%

    Market Time
    46 | -8.0%

    Last list price to sales price
    97.7% | -0.3%

    Month’s Supply of Homes
    1.5 | -6.3%

    Number of Homes on the Market
    84 | -28.2%

    Closed Sales
    623 | -23.2%

    November Market Update in Northbrook
    As the leaves fall so does the inventory in 2023. Our supply of homes is down 6%. We have fewer than 2 months of homes for sale.

    Hi, I’m Caroline Gau with Real Broker downtown in Village Green today. The average market time is down 8%to only 46 days. Typically this time of year we start to see that number rise. Will it?

    The number of homes on the market right now is 84, that is down 28% from last year. The number of closed sales is down 23%. There were 623 sold in Northbrook.

    The average sales price has risen 7.5% since fall of 2022.
    There have been a lot of headlines in our industry this week that I will be sharing with you. One today is that with the dip in interest rates last week a few things will happen.
    ● Increased Affordability means more people will be in the market to buy
    ● Increased Affordability means sellers will get off the fence to sell their home to make a move
    ● Buyers will have more confidence as mortgage applications will increase
    ● Builders will start to reduce the high incentives for rate buy downs
    ● This could be a last chance to buy a home in the Chicago area at a lower price.

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    Caroline Gau, REALTOR®


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