MARISSA'S 2023 Annual North Shore Home Sales Report
The number of single family homes sold on the North Shore continued to decline in 2023. Though there were plenty of buyers, there were simply too few houses on the market for sale.
I believe the primary reason for this is that Boomers are staying put. Their reasons include:
- They are locked in to low-rate mortgages.
- Their kids/grandkids live here and they want to be nearby.
- They prefer to stay in the burbs vs. move to the city as many used to do.
- Our milder Chicago winters and ample fresh water are making life here year-round more appealing.
Suffice it to say, it is still a sellers’ market.
As for the Buyers, demand was and continues to be strong. Higher interest rates aren’t stopping them, but they are impacting their buying power.
My advice to buyers is to start looking now. Be ready to make a quick decision and prepared to write an offer - including being pre-approved by your lender. As always, work with a highly experienced broker who is an excellent negotiator, and knows and works in the market in which you want to buy. Choose someone you trust and will be with you through the whole process: from the first house you see through to your closing.
Please remember, I am your Real Estate resource – not just a one-time service. Feel free to contact me at any time. I hope to have the pleasure of serving you, your friends and family for many years to come!
Marissa
