It's no surprise that national headlines paint a bleak picture of the real estate market. My husband shared this with me, and I couldn't help but laugh—because here on the North Shore, that couldn't be further from reality.
Locally, inventory remains exceptionally low, particularly in East Wilmette, keeping demand high. Homes continue to sell quickly, often at prices that exceed expectations. The $3M+ market is a bit more nuanced—newer construction tends to move fast, while well-updated older homes take longer as buyers in this range have more choices across New Trier Township. Strategic pricing is key as well as a strong pre-market marketing plan.
The All-Cash Advantage
One major trend: nearly 50% of all 2024 sales in New Trier Township have been all-cash. And that's not counting buyers who waive financing contingencies but still take out mortgages. This underscores the fierce competition, despite higher interest rates. Many potential sellers, however, are staying put, hesitant to trade into a higher-cost situation, which continues to limit inventory.
What's on the Horizon
A shift may be on the horizon. Markets in Florida, Nashville, and Texas—popular destinations for Illinoisans—are cooling, making them more appealing again. As more locals look to relocate, we could see a rise in inventory, edging us closer to a balanced market (which would be a relief for buyers!).
That said, I believe our pricing strength will hold. While, at some point in the future, we will most likely see fewer bidding wars and buyer concessions, home values should remain solid in our community.
