The Truth about the Northwest Suburbs Market | November 2023

Stay informed on Arlington Heights' real estate market trends with our latest Market Update! Discover the scoop on home prices, local sales, and the current state of the real estate market, providing valuable insights into your home values. Don't miss out on crucial information for savvy homeowners! Welcome to "How is the Market in Northwest Suburbs - November 2023"! 🏡💼📊

In October, Sold Prices dipped by 0.5%, reaching $458,000, a modest drop compared to previous years. This reflects a resilient market, with sellers maintaining confidence and list prices. 📈🍂💰

Despite a 0.5% drop in Sold Prices, Asking Prices rose to $462,800, reinforcing sellers' confidence in the market's strength. Some high-priced listings are strategically withdrawn, hinting at potential gains in the spring market. 🏘️📈🌸

The Sold Price to Asking Price ratio slipped to 99%, the first time under 100% since March. Expect this trend until spring; an ideal time for negotiation discounts before heightened competition returns. 🤝💰❄️🏠

October saw 97 homes sold, consistent with September, signaling a 30% market decline this year. However, buyers remain active, and with interest rates dropping, demand may surge. 🏡📉💼📈

136 new listings hit the market in October, increasing inventory for buyers. With the market favoring buyers, the next months present prime opportunities for negotiation. 🏡🔑📊💰

Months of Inventory hovers at 1.1 months, potentially leading to price reductions. Listings being canceled for winter may impact your decision to list now or wait until spring. 🏡📊🤝🌷

Number of Showings reached 2,325, indicating steady buyer demand. Act now before increased competition, seizing the chance to secure your dream home. 🏡🔑📈🌟

Showings per listing are high at 9.81, defying seasonal norms. If your home is move-in-ready and showcased well online, capitalize on this anomaly for a successful fall sale. 🏡📈📷🎉

Days on the market average 37, consistent for 8-9 months. Higher-priced homes may experience slower sales due to rate-locked buyers. Proactively address pricing or category issues for a successful fall sale. 🏡🕒💰🔑

Understanding the bigger picture, including market seasonality and interest rates, is crucial. Subscribe for future updates and neighborhood videos, and let's start a conversation to guide your path to real estate success. Thank you for tuning in. 🏡🗺️🔍💬📺

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