We're almost through one month in 2019, so let's check in on how the local real estate market has fared thus far. With all the terrible weather going through the Chicagoland area all month, the market activity has slowed down a bit. BUT.......despite the slowdown in number of sales, prices are still up. And things are looking go for those wanting to buy this year. Read on for my three quick points on the market and then click the links below to see more detailed information in your specific suburb or neighborhood.
1. Prices are still going up! - Prices are up 4.7% overall from this time last year. So even though the rate of price increases has been slowing down over the past year, it still is pointing in an upward direction. This is good for current homeowners and anyone looking to buy - your property should continue to increase in value after you purchase it.
2. More new listings - Good news for anyone looking to buy this year - the number of new listings on the market continues to rise. This will hopefully help alleviate the low supply problem buyers have had to deal with for some time now. And this could give buyers some leverage in negotiations as they have more homes to choose from.
3. Number of home sales is down - This is the one dreary sign in the current real estate market. The number of home sales overall is down 3.4% for the year, and has been declining since June 2017. There are just not as many people buying homes right now. But the reasons for this are not cause of concern, as unemployment is low, wages are on the rise, and the overall economy is still doing great. The main reasons for the lack of sales has to do with rising interest rates and a low inventory of affordable homes for buyers to choose from. Another reason is the rising student debt that many millennials are plagued with, which has priced them out of a mortgage. With the strong numbers showing in the rest of the economy, it is likely that 2018 was just a blip and that 2019 will show an increase in home sales again.
Those are the three main points to keep an eye on this month as far as real estate is concerned. Overall, the market is still strong and prices are on the rise. If you ever have any questions about the market, or your specific home's value, do not hesitate to reach out! Also feel free to check out the links below for more detailed market data in your area.