Lake County, IL Market Update - April 2023
If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Lake County, IL market.
Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home.
Our market report showcases everything you need to know about local real estate trends. So, let's get to it....
Home prices since March, 2022 are up 8.2% with homes selling an average at 99% of their list price. On top of that, new construction sales are up 12.4% from last year.
So, what does this mean? If you are a seller, you haven’t “missed” your window. If you are a buyer…tough love here, we don’t see any evidence that in Chicagoland prices are going to drop.
The biggest reason is that there is very little standing inventory. The number of new listings in March 2023 was down 23% from last March. Homes that look great and are priced right are absolutely selling. They are selling to buyers who are prepared, qualified and decisive. If you want to buy a house, you can’t be wishy washy about it. And know that you are still making a really great investment because home prices are stable and compared to other parts of the country, our market is pretty low risk.