Decoding Lake County's Real Estate Mysteries: Stay Ahead with Must-Know Market Revelations!

Lake County Housing Market Update

Have you seen the latest numbers for the Lake County housing market?

Introduction to Lake County's Housing Diversity

Lake County, Illinois, is a tapestry woven from diverse threads, each town a unique hue contributing to the overall vibrancy. From the historic charm of Libertyville to the bustling energy of Gurnee, each community boasts its own distinct character and housing market nuances. December's housing market update delves into the intricacies of this dynamic tapestry, unraveling the trends shaping each individual thread. So, embark on a journey with us to discover the hidden gems and unique opportunities that await in each corner of the Lake County housing market.

Before we get started, if you have any specific questions or want to discuss your situation, feel free to schedule a call with me.

Analyzing November’s Housing Market Numbers

  • Median Sale Price:
    • November prices show another decline, going from $375k to $365K.
    • This is the 5th consecutive month we have seen a decline in housing prices.
    • Interpretation: This trend is due to seasonality and not indicative of a market crash.
  • Inventory: Our inventory of homes continues to decline, with 924 homes available in November. This reflects about 200 fewer available homes for buyers than in 2022.
  • Sales Numbers: A decline in homes placed under contract in November. The number of homes that closed in November also decreased slightly from October.
  • List Price to Sold Price: The ratio in November dipped to 97.4%, indicating more homes selling below asking price.
  • Days on Market: Average time increased to 39 days in November.

Summary of Current Market Trends

The Lake County housing market presents a dynamic story. The availability of homes for sale remains low, keeping prices strong. The shortage of available homes leads to a reduced number of homes placed under contract and closed sales. List price to sold price and days on the market are showing a slowing demand, and sellers are more eager to negotiate.

What This Means for You:

  • Sellers: It remains a seller’s market with strong equity.
  • Buyers: Less competition and more room to negotiate.
  • Investors: The rental market is booming, presenting opportunities to add or divest properties.

Connect with me for personalized advice and to explore your options in this dynamic market. Click here to schedule a time that suits you.

Buyer demand is key to market movement. With interest rates rising, stay tuned to see what happens next month!

Would you do me a favor and share this with someone who could benefit from a conversation about the Lake County housing market. Thanks for listening, and I look forward to connecting with you soon!

James Tiernan

Post a Comment