North Shore home sales are heating up as buyers flock to the market. In the latest data from the North Shore-Barrington Association of REALTORS®, we see sales trends pointing to continued price growth in the weeks ahead. Here are key indicators of buyer demand for detached, single-family homes in the North Shore area.
North Shore homes are spending less time on the market.
During May 2021, North Shore homes spent an average of 78 days on market before going under contract. This is a 35.1% reduction in market time compared to May 2020, when homes spent 120 days on market.
North Shore homes are selling for more money.
The average sales price for a North Shore home was $631,807 as of May 2021. This is an average price increase of 15.5% compared to the same month a year ago.
Looking at the numbers another way, the median sales price of a North Shore home was $524,900 as of May 2021, a price increase of 22.1% compared to May 2020.
North Shore home inventory is very low.
As of May 2021, the North Shore area had 1,684 homes listed for sale. This is an inventory reduction of 50.6% compared to May 2020.
May 2021 revealed less than 2 months of home supply on the market. In other words, if no other homes were listed, the pace of sales would have absorbed all single-family home inventory in just under 2 months.
North Shore home sellers received 97.4% of list price on average.
This is an increase of 3.8% compared to May 2020, when sellers were receiving 93.8% of their asking price. Depending on the home, its location and the degree of buyer interest in the property, a seller may receive the full asking price, or an offer above the list price.
Experience matters when you are buying or selling a North Shore home.
Every North Shore home is unique, and each North Shore community has its own market conditions. Let me provide you with personal guidance for your real estate needs in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or surrounding North Shore communities.
I look forward to your call! 847-217-7144.