Compelling Real Estate Facts Nationally and in the North Shore

There are more than the usual number of articles about the U.S. housing market right now. After two tumultuous years of a seat-of-your-pants ride, everyone has a say on where the market has been and where it's going in 2023.

I find this reading engrossing but don't accept my word, have a look:

1. From the Federal Housing Finance Agency, an interactive chart that shows the top 100 U.S. metro areas and how they ranked in 2022. Eight of the first 10 are in Florida which is not surprising. What is surprising is that many areas that we were told are dying on the vine made the list
   
   
2. The National Association of Realtors (NAR) released its list of "10 Housing Markets Expected to Lead the Nation in 2023." Interestingly, Florida does not make an appearance until #10
   
   
3. The NAR's chief economist forecasts that 4.78 million homes will sell in 2023, a 6.8% reduction from 2022
   
   
4. The largest segment of home sellers are the gen-Xrs at 24%. The largest group of home buyers at 20% are the millennials
   
   
5. Homes are selling in the Metaverse. You'll need cryptocurrency and a crypto wallet just to enter any one of the metaverses. It sounds crazy but in fifty years it will all make sense. (At least I won't have to deal with it.)
   
   
6. From Inman News: pending home numbers dropped 32% in the final four weeks of 2022. Well, that happens every year around this time - it's the holiday season. The biggest losers were former pandemic hot spots (remember those?) Places like Phoenix, Austin, and Las Vegas
   
   
7. Redfin says that home prices fell in 19 of the 50 most populated U.S. cities in December
   
   
8. Hawaii landed the title of "most expensive state to buy a home," while West Virginia was the "most affordable state to buy a home." 
   
   
9. The average price of a home in the U.S. last year was $350,000
   
   
10. 97% of home buyers search for homes online
    
    
11. 81% of millennials searched for homes on a mobile app
    
    
12. 81% of Americans value the location of their home over its size
    
    
13. Homes listed in mid-April sell 14% faster than in other weeks 
    
    
14. This has been true for the past 20 years: 80% of buyers prefer a move-in-ready home over a fixer-upper
    
    
15. Home supply decreased by 66% Jan 2020 and Jan 2022
    
    
16. 42% of home buyers see real estate as a better investment than stocks
    
    
17. The average price of primary homes grew 134% between 2020 and 2022
    
    
18. In 2022, first-time homebuyers made up 31% of the market (clearly not the North Shore.)
    
    
19. Tampa was 2022's most competitive market
    
    
20. The midwest has the highest homeownership rate in the country at 70%

Typically when inventory is low, prices will remain relatively high or at least steady. A better-balanced market - one between buyers and sellers - is ideal but rarely happens. 

Mortgage rates will probably be around 6.5% in 2023 which will affect some who will be priced out. However, in Winnetka, Wilmette, Kenilworth, Glencoe, Northfield, and Glenview, that isn't as common an issue.

If you're thinking of selling your home this year - remember #13 (above)!

While you're here, please see all North Shore homes for sale:

Winnetka

Wilmette

Kenilworth

Glencoe

Northfield

Glenview

Highland Park

Evanston

Northbrook

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