What is in store for the Illinois housing market this year is uncertain, but inventories and interest rates are expected to be a major factor. One industry analyst says the U.S. is short by 5 million homes. That led to homeowners to stay put, leading to a seller’s market. Jamie Seale with Clever Real Estate expects that to change in 2024.
“They are going to start making some concessions. They are going to lower their asking price or you’re not going to get top dollar for your home.”
In November there were only just over 20-thousand homes for sale in Illinois, a 22 percent decrease from November 2022. Seale says mortgage rates will still direct the market this year.
“With interest rates still high at the moment, buyers are going to be more selective about the homes they can afford,” said Seale.
Housing prices are expected to stabilize in 2024, but those looking for a home may be asking when. The monthly median price in Illinois of about $265-thousand dollars to end the year which was nearly 10 percent higher than the year before.
**Story Courtesy of Illinois Radio Network**
