2020 Outlook

Dated: January 20 2020

Views: 444

Although it may not seem like it meteorologically-speaking, spring and the traditional real estate “spring market” are just around the corner. While we wait for the market (and the weather!) to heat up, here are a few national and local predictions for the 2020 market. 

NATIONAL

  • A Core Logic report referenced by a late December Chicago Agent Magazine story indicates that Chicago area homes are “fairly priced” as compared with the rest of the nation. Coupled with an overall positive outlook for the economy and continued low rates, this suggests a healthy spring market. 

  • Realtor.com suggests moderate to flat growth nationwide. However, their research predicts a welcome increase of millennials jumping into the market. 

  • If you’re considering selling your home in the next few years, US News and World Report suggests that 2020 is an optimal time to sell your home because of low-interest rates, appealing affordability and new buyers expected to enter the market. The article also includes 2021 overall economic uncertainty as a reason to consider selling in 2020.

LOCAL

As for our local market, 2019 was a mixed bag. A late starting and sluggish spring coupled with a stagnant summer created a dip in average sales price in Elmhurst. However, the fall and early winter numbers were encouraging. 

Other indicators in the market also point to a positive trend. After several months of a steep inventory climb, we finally saw monthly inventory level off in late summer and even dip in winter. 

We also saw average market time curb its steady incline and drop in the second half of the year.

The encouraging second half trends of 2019, along with overall, cautious, momentum nationally for 2020, point to a traditionally healthy spring market.


As always, if you are thinking of buying or selling in the competitive spring market, contact your favorite LW Reedy Agent to help guide you with your decision. 

Latest Blog Posts

Back to School Resources

Before we know it, the school buses will be replacing the icecream trucks as kids head back to school. While many schools are still determining what school is going to be like for the 2021-22 school

Read More

Market Update 2nd Quarter, 2021

For the first few months of 2021 and into late spring, the storyline in real estate has been the same. Stories of low inventory, multiple offers and a frenzied seller’s market dominated all

Read More

View from 101 York July 2021

From movies in the park to live music and theatre to events celebrating art, food and drink, we see a summer of fun from our view at 101 York. Enjoy the sunshine!Live MusicArbor Evenings with Live

Read More

Resources: Elmhurst Area Parks

Elmhurst Area ParksElmhurst's parks are well-known for being inviting, safe, clean and family-friendly. While you may be familiar with parks in your community, you may not be aware of all of the

Read More