Winnetka North Shore Home Sales Summary for 2021
Record sales and record prices were the norm for almost all North Shore villages in 2021 compared to 2020.. The only exceptions were Glencoe and Evanston which had fewer home sales in 2021. But - prices rose across the North Shore.
While 2020 is not the best year to compare to, it did make an incredible comeback as soon as the lockdown was lifted. So I'll proceed with the following numbers comparing total sales and prices of 2020 vs 2021:
|Total Sales Increase/Decrease||
How Low is Inventory in the North Shore Villages
While inventory is always down in January, this year it's painfully so. It's an ongoing challenge for sellers to decide to sell when they're concerned about what they can buy.
Nationwide, new inventory hits the market is via new construction in subdivisions. The North Shore is woefully short on this type of new construction. There are several developments in Northbrook but we are talking about just a few dozen homes in most cases. Not nearly enough to ease the shortage.
Rentals have always been an option for sellers while they figure things out, but it's almost impossible to find rentals right now as well.
2022 North Shore Predictions
I predict that inventory will come on in the 2022 North Shore spring market as it always does. New listings will not be plentiful and will continue to sell quickly and for top dollar (depending on the usual factors.) Maybe some buyers have decided to quit the search, but many more are still hoping to find the right opportunity this year.
Prices will continue on a steady course but I don't think they will rise as fast as 2021.
Affordability might become an issue if mortgage rates rise.
What about the huge migration of Chicago families that fueled the North Shore boom? Will that continue? I think it will slow down as inventory frustrations continue to face serious city buyers.
If sellers are financially able, buying first can solve this conundrum. If not, writing an all-cash offer is still king. However, most buyers understand the value of an up-to-date Loan Approval letter if a mortgage contingency is being used.
Don't ever strike out the home inspection for better leverage unless you're buying a tear down. . You can write the offer "As Is" but always perform the inspection.
Here are several articles predicting the 2022 housing market. Keep in mind that the last three of these perspectives are national, not local.
Chicago Agent Magazine: What's the Future for Chicago Real Estate 2022
Realtor.com: Housing Forecast 2022
Housing Wire: 5 Predictions for the 2022 Housing Market
While you're here, please see: ALL NORTH SHORE HOMES FOR SALE