Uncovering Lake County's Housing Market Trends

Uncovering Lake County's Housing Market Trends - The Tiernan Group

Lake County, Illinois - a picturesque region with a housing market as dynamic as its landscape. Let’s unravel the latest trends and numbers together!

Lake County Housing Market

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Market Analysis for October

  • Buyers' Profiles: Discover which of the two buyer camps you belong to - the patient deal-seekers or the ready-to-move-in buyers.
  • Median Sale Price: A dip from $400k to $375K in October. Seasonal trends, not a market crash!
  • Inventory Levels: Steady with over 1000 homes, indicating a strong market without signs of a crash.
  • Sales Numbers: Increased contracts in October show serious buyer intent despite low inventory.
  • List Price to Sold Price Ratio: Slight decrease to 98.5% - homes still selling close to list prices.
  • Days on Market: A decrease to 33 days, indicating quick buyer decisions.

Market Summary and Insights

This month's data paints an intriguing picture, especially in a unique month like October. Despite month-to-month price declines, the market remains robust due to the low availability of homes, keeping prices elevated. This shortage has not dampened the number of homes placed under contract, reflecting a strong, sustained buyer demand. For buyers and sellers, this signifies a persistently seller-favored market, with prices still higher than previous years, including 2019. Investors should note the thriving rental market, presenting opportunities for portfolio expansion or strategic sales.

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Next Steps

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