1. Prices are starting to flatten out. While they are still up 3% from this time last year, you can see that the median sales price has remained stagnant over the past 4 months.
2. More homes are stating to hit the market. Good news for buyers who waited through the seller’s market. There is much more inventory to choose from and at lower prices.
3. Marketing time for sellers continues to drop. Its not all bad news for home sellers who think they may have missed out on getting top dollar for their home. Prices are still way up and mostly recovered from the recession, and the marketing time needed to sell the house continues to go down. This means that, as long as you have kept up on repairs and updates with your home, you will have no problem selling your house quickly and at a great price.
Yes, the market has slowed down and continues to shift to more of a “buyer’s market” with lower prices and more homes for sale to choose from. But this is typical for this time of year as the holidays approach and a normal market reaction to increasing interest rates. This is not a cause for concern. Real estate continues to be a safe investment in the Chicagoland area and there are no red flags or indicators in the recent market data that says otherwise.