Winnetka North Shore Real Estate vs. the National Scene
Have you read the headlines about the big price drops in many parts of the country? For instance,
"Median home price tallies largest annual drop in more than a decade." Inman News
. . . "home prices fell . . . for the first time in nearly 11 years " Forbes
The U.S. median home price is $400,52 which is a 3.3% drop over the past year.
Many areas experiencing deep declines are pandemic boomtown markets - they grew at unsustainable rates from 2020 through 2022. They, of course, are now selling at bargain prices - really. Boise, Idaho home prices soared by 41% in those years while the rest of the nation experienced a 26% increase in prices. They're paying the "price" now.
The North Shore continues to buck that trend. Low inventory is typical in most of the nation and we're no exception. While our market has softened - an iota - most homes are still selling within a week or so. And multiple offers continue to vex frustrated buyers.
Those that turn to a renting option are finding it equally challenging. They are as scarce as homes for sale.
Simple economics says that as long as there is scarcity, prices will remain higher. Even the mortgage rate increases have had little effect - although the Fed raised rates today (Wednesday, May 3) by one-quarter of a point. This was the tenth raise in a year.
Where does the North Shore line up with all this?
In the North Shore - Winnetka, Wilmette, Kenilworth, Wilmette, Glencoe, and Northfield) prices rose by 7.7% from April 2022 to April 2023. Hover on the red line to follow along and see the interactive price points.
If we include Glenview and Northbrook in the mix, then the increase was 3%.
Nowhere in this area have home prices decreased. This is expected to continue through 2023 and into 2024 at the current state of the economy and world order. Other areas of the country where prices continue to rise are Milwaukee, El Paso, Omaha, Camden, NJ, and Knoxville.
While you're here, please see all North Shore homes for sale:
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