May Market Update 2024 | Northbrook Real Estate Market Analysis | Northbrook Real Estate Update

Let’s look at the 5 year line to best demonstrate what is happening in the Northbrook real estate market.
Average Sales Price: $648,920 | +4.9%

Market Time: 38 | -11.6%

Last List Price Closed: 99.5% | +0.8%

Month’s Supply of Homes: 1.4 | -22.2%

Homes for Sale: 70 | -38.6%

Closed Sales: 542 | -25.1%

New Listings: 786 | -22.4%

Price per square foot: $248 | +2.9%

We look at April 2020 for example the number of homes for sale was 343 vs 70 right now in Northbrook. What’s happening is the homeowners even if they want to move, are locked into a low rate of 3 or 4% so it’s not affordable for them to move to a 7% loan right now.

We have plenty of well qualified buyers ready to purchase even with the higher rates. They want a home! At the open house we had 30 groups through. Buyers tell us they have been outbid, or haven’t found what they are looking for.
The number of SOLD homes is 542 compared to 714 in April of 2020.

If you have had any thoughts of making a move, let’s connect to customize your plan. Follow me on IG @northbrookrealtorcaroline