The North Shore real estate market in 2021 was exceptionally strong. As compared to 2020, which was also a strong year, the number of detached single-family home sales went up by 12%, median prices went up 11%, and market times dropped 46%. The flight to the suburbs, which started in 2020, continued in 2021 and led to an incredible year for North Shore Sellers. Here are the statistics:
|Number of Homes Sales||Average Market Time|
|Average Home Price (in thousands)||Median Home Price (in thousands)|
|2020||2021||% Change||2020||2021||% Change|
The above statistics are for detached single family homes and were compiled from data collected by the Multiple Listing Service (Midwest Real Estate Data LLC), and may not include all home sales.
Inventory: Inventory was very low throughout 2021 and we start 2022 with a record low inventory of single-family homes. The North Shore has 505 detached single-family homes on the public market that are not under contact. Last year at this time there were 932 such homes on the market. In 2019 there were a more normal 1664 homes on the market at that time. Wilmette has 12 detached single-family homes on the public market that are not under contract. Last year at this time there were 51 such homes in Wilmette, and in a typical year we generally start out with about 100 homes on the market. Moreover, Wilmette’s inventory is more than just record breaking, it is crazy low.
Evanston has 42 detached single-family homes on the public market that are not under contract. Last year at this time there were 47 such homes. In Glenview there are 59 such homes now, and there were 117 last year at this time, and in Winnetka there are currently 28 such homes and last year there were 50. Moreover, every suburb has seen a large decrease in its inventory of detached single-family homes from what was a very low number to begin with.
Prices: For the 2nd year in a row, we saw significant price increases for North Shore single family homes. Prior to 2020, we had seen 5 years of flat prices, but that trend changed in 2020, and 2021 has continued the upward movement. The median price of a North Shore single family detached home went up 11%. Every suburb saw a significant increase last year.
Interest Rates: In 2021 interest rates did nearly the exact opposite of what they did in 2020. We started 2021 at all time low interest rates with the conforming 30-year loan rate at approximately 2.5%. Rates bounced around somewhat throughout the year, but slowly moved up to where they are currently at approximately 3.25%. That is still a historically very low rate.
2021 North Shore Sales Facts: The highest sale price in the North Shore in 2021 was a 7 bedroom, 9 bath Kenilworth new construction home which sold for 9.45 million dollars. The home is located on a 2/3 acre lot with a 100 feet of lake front. The lowest sales price was $125,000.
The house with the most bedrooms (8), also had the most bathrooms (10 full and 2 half). This spacious Winnetka home, built in 1965, is on 1.45 acres and sold for 3.6 million dollars. It has a pool, hot tub, tennis court, indoor basketball court, theater and sauna to name a few of its unique items.