There's nothing like a simple chart to show off some amazing statistics. Going from right to left, it's easy to see the remarkable changes in the real estate market since 2019.
The numbers on this chart encompass all the data for Winnetka, Wilmette, Glencoe, Kenilworth, and Northfield combined:
The upward trajectory of North Shore home prices has been relentless for the past three years. There are changes happening now that will affect these numbers but I believe they will not be daunting. By this, I mean that home prices will remain fairly steady or drop slightly as long as inventory continues to stay low.
Many pundits are suggesting a recession or housing downturn will occur in 2023. The Federal Reserve chair Jerome Powell has said, "we're passing through a difficult housing correction."
The list of firms predicting that house prices will fall in 2023 includes Goldman Sachs, Morgan Stanley, and Wells Fargo.
The list of firms predicting that house prices will be flat in 2023 includes Freddie Mac and MBA Mortgage.
The list of firms predicting that house prices will rise in 2023 includes RDC Economics, Core Logic, HomeLLC, National Association of Realtors.
In other words, some mixed messaging. I will say that the North Shore Real Estate market has always been different that any national "average." When prices were rising elsewhere, we were stagnant. Now that prices are going down nationally, we're not showing signs of letting up.
2023 will play out, and as an experienced real estate agent I will work hard to get the best information to my clients. Based on local knowledge, local statistics, and local know-how.
Right now, I'm pretty positive.
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