2020 Outlook

Dated: January 20 2020

Views: 434

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

Market Update 1st Quarter, 2021

The spring market did NOT disappoint. Based on an unusually active winter market, low inventory, low interest rates, and positive signs of an economy re-opening, we anticipated a swift, if not full

Read More

The View from 101 York Special Edition: Summer 2021

We are welcoming the first signs of summer here from our view here at 101 York. And as we do, we're expanding our April monthly view post for a special summer events edition. Check out these fun

Read More

Peach convertibles, silver dollar coins, and seventy years ...

We wonder … did the Old Pro, when driving down York in his flashy peach Lincoln convertible, dream that someday the real estate agency he founded in 1951 would be run by one of his grandsons?

Read More

Around Town: April 6 Election

It's almost election time! We've gathered some resources to help you learn about the candidates running for mayor, alderman, school board, and more. Let's get out there and vote April 6!Early

Read More