MARISSA HOPKINS' 2022 ANNUAL HOME SALES REPORT
I am pleased to share my Annual 2022 North Shore Single Family Home Sales Report.
As you will see, 2022 home sale prices continued to rise in nearly every North Shore suburb. The number of homes sold significantly declined. Why? I believe there simply weren’t many available to buy. But it is also our inheritance from the pandemic.
Demand for homes in the suburbs was so great in 2020 that the backlog of surplus homes that had been sitting on the market sold through. Whereas in 2021 and 2022, there were fewer and fewer homes put on the market to buy. The demand exceeded supply, which is still an issue today.
Will this continue? Despite rising interest rates, there is still strong demand for homes on the North Shore. There is a robust labor market with the resources to buy. Millennials are having children and want to move into larger homes for their expanding families. Furthermore, Savvy buyers know that if they buy now at the current interest rates, they can likely refinance if the rates were to go lower. Perhaps the biggest impact of higher rates is that many buyers have had to modify their wish list, lower their purchase price range, and are eager to negotiate if circumstances allow.
Pundits forecast that by the second-half of the year the number of homes available for sale will increase and home prices will stabilize. All things considered, now is still an excellent time to sell or buy a home on the North Shore.
Thinking of selling? Being closer to family or warmer climates? Down or upsizing? Over the past two years there has been a huge gain in equity, making this a good time to sell. I’d be happy to schedule a consultation with you or anyone you know to assess your home’s current market value, listen to your unique needs and, if you want to know, share how I’d give your home the maximum amount of attention it needs to sell for the highest market price.
Want to buy? Many believe the rapid rise in prices is leveling off. Yes it can be challenging to buy in today’s market. But preparedness, step-by-step guidance, access to pre-market homes…and my professional relationships, experience, insight and dedication, will give you a far greater chance at making your dream home come true.
Your Referrals are Greatly Appreciated! If you know someone thinking about selling, contemplating or in the market to buy, or simply have real estate questions, I am glad to help.
*Note: if your Northern Illinois community isn’t addressed in my report or if you own a condo or townhome and want to know about your market, please contact me and I can likely prepare a separate, similar report for you.
Download PDF Version of Marissa Hopkins' 2022 North Shore Sales Report Here
