How's The Market?
The landscape is transforming and we're tempering our excitement with cautious optimism, that there will be more housing inventory for the Spring market. This resurgence is largely attributed to the Federal Reserve's recent decision to pause interest rate hikes this December, a welcome change after mortgage rates reached a 22-year high. The impact is palpable, with falling rates already making headlines. What's more, there's speculation that the Fed might enact three or more rate cuts this year. Projections suggest that by December, mortgage rates will fall below 6%. The long and short of it is that buying a home will be more affordable with lower interest rates. In addition, we anticipate that both buyers and sellers that have been sitting on the sidelines
waiting for the news to make their move. However, sellers will remain in the driver's seat as the increase in inventory will take a while to pick up in order to meet demand. With interest rates falling and economic conditions rebounding - which should further boost buyer demand - the big question is how much do rates have to fall for homeowners to start selling their homes in normal numbers again? -COMPASS National Insight
Q4 Single Family Data Points
WILMETTE
MCKENZIE Median Price
Median Price $999,000
$997,500
(+10.7% YOY)
(+15% YOY)
Median Price Per SQFT $378 (+6.2% YOY) 102 Original List to Close (.7% YOY)
Original List to Close (.4% YOY) 101 Median Price Per SQFT $358 Months Supply (0% YOY)
Months Supply 0.6 (-50% YOY)
1.1
(0% YOY)
Median Days on Market
Median Days on Market
7
7 (0% YOY)
(0 % YOY)
Data Source: MRED As of 12/31/23
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