The Chicagoland real estate market, encompassing vibrant neighborhoods from Oak Lawn to Mokena, is experiencing unique trends making it an opportune time for homeowners to consider selling their properties. Despite a cooling market, there are several compelling reasons why selling now can be advantageous.
The Current Market Landscape
Decreased Home Sales, Increased Prices
In September 2023, the Chicago Metro Area, including areas like Burbank, Alsip, and Chicago Ridge, saw an 18.6% decline in home sales compared to the previous year. However, the median home price rose to $325,000, a 6.6% increase from the previous year. This trend of lower sales but higher prices is echoed across various neighborhoods, including Evergreen Park, Worth, Midlothian, Blue Island, Orland Park, and Tinley Park.
High Demand in Select Areas
Despite the overall downturn in sales, certain areas like Beverly, Mount Greenwood, Garfield Ridge, Crestwood, Palos Hills, Palos Park, and Palos Heights are experiencing rising home prices, with some suburbs witnessing price increases of over 7% year-over-year.
Why It's a Good Time to Sell
Seller's Market Conditions
The decrease in new listings (27.2% for detached residences and 33.9% for attached residences) suggests a tightening market with increased demand and limited supply, especially in areas like Matteson, Frankfort, Richton Park, Homer Glen, Hickory Hills, Oak Forest, Brookfield, Riverside, North Riverside, Western Springs, New Lenox, Lockport, and Mokena.
Capitalizing on Current Prices
With median prices on the rise, sellers in the Chicagoland area stand to gain significantly. In neighborhoods like Evergreen Park, Alsip, and Oak Lawn, rapidly increasing home prices offer a profitable opportunity for sellers.
Optimal Timing and Strategy
Best Time to Sell: June has been identified as the best month to sell, with homes selling up to 100% above their listing prices.
Best Day to List: Listing on a Thursday can maximize exposure and sale profit, as 21% of homes nationally are listed on this day, gaining better exposure.
Seasonal Advantages: Late spring to July is prime selling time in Chicago, with homes spending fewer days on the market and fetching higher sale proceeds.
Navigating a Dynamic Market
With the housing market showing signs of cooling yet with prices in certain metro cities continuing to rise, listing your property in such favorable conditions could be highly beneficial.
For homeowners in the Chicagoland area contemplating selling their homes, the current market conditions offer a unique opportunity. With strategic timing, understanding of local trends, and the right approach, selling your home now could be a wise and profitable decision. For expert guidance and more insights into the Chicagoland real estate market, visit Cucci Realty.