2020 Outlook

Dated: January 20 2020

Views: 452

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

LW Reedy Elmhurst Preschool Guide 2022-23

It's hard to believe that it's time to start thinking about the 2022-23 school year! Many Elmhurst preschools have already started collecting registration forms, arranging tours, and building

Read More

Market Update: 3rd Quarter, 2021

Over the last 70 years in the real estate business, we at LW Reedy have grown accustomed to seasonal shifts in the real estate market. From a fast spring market to a cooling summer market, as people

Read More

View from 101 York: October 2021

From Thankgiving Day runners turkey trotting past to holiday lights bringing holiday cheer, we see it all from our View at 101 York.  Check out these engaging November events. Food, Drink

Read More

View from 101 York September 2021

This fall welcomes live music, theatre, art, and more to Elmhurst, Chicago, and the surrounding areas. Check out what we've discovered from our View at 101 York.  Fall FestivalsBerwyn

Read More