The North Shore real estate market in 2023 was similar to the unprecedented market we experienced in 2022 in a number of ways. Like 2022, inventory was low all year, market times were at record lows, and multiple offers were common, especially in the spring market. On the other hand, as compared to 2022, the number of detached single-family home sales went down by 22% which is a sharp drop. The number of sales was lower than any year since 2011. The primary reason for the low number of sales was the lack of inventory. There were buyers, but not enough homes for them to purchase. Prices went up, but the increase in 2023 was relatively modest for the North Shore as a whole. Overall, it was another strong market for sellers in 2023. Here are the statistics:
| Number of Homes Sales | Average Market Time | |||||||
| 2022 | 2023 | 2022 | 2023 | |||||
| Wilmette | 342 | 295 | 28 | 28 | ||||
| Evanston | 433 | 339 | 33 | 40 | ||||
| Winnetka | 243 | 188 | 45 | 49 | ||||
| Glenview | 537 | 470 | 45 | 46 | ||||
| North Shore | 4524 | 3509 | 47 | 45 | ||||
| Average Home Price (in thousands) | Median Home Price (in thousands) | |||||||
| 2022 | 2023 | % Change | 2022 | 2023 | % Change | |||
| Wilmette | 1089 | 1195 | 10% | 902 | 999 | 11% | ||
| Evanston | 776 | 761 | -2% | 670 | 677 | 1% | ||
| Winnetka | 1917 | 2021 | 5% | 1525 | 1675 | 10% | ||
| Glenview | 800 | 825 | 3% | 700 | 703 | 0% | ||
| North Shore | 918 | 931 | 1% | 700 | 720 | 3% | ||
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: As was the case in 2022, inventory was at record low levels throughout 2023 and we start 2024 with an even lower inventory of single-family homes. The North Shore has 537 detached single-family homes on the public and private markets combined that are not under contact. Last year at this time there were 667 such homes on the market. In the past there were commonly 1500 to 2000 homes on the market at the start of the year. Wilmette has 25 detached single-family homes on the public and private markets that are not under contract. Last year at this time there were 31 such homes in Wilmette, and in a typical year Wilmette generally starts out with about 100 homes on the market. Moreover, Wilmette’s inventory continues to be very low.
Evanston has 57 detached single-family homes on the public and private markets that are not under contract. Last year at this time there were 55 such homes. In Glenview there are 65 such homes now, and there were 88 last year at this time, and in Winnetka there are currently 27 such homes and last year there were also 27. Moreover, the record low inventory that we saw in 2023 has continued into 2024.
Prices: After 3 years of large price gains (2020 to 2022), in 2023 prices made modest gains in the North Shore. It did vary by suburb with Wilmette and Winnetka seeing significant gains, but Evanston and Glenview basically holding steady. As was the case in 2022, the 2023 spring market saw the most significant price movement and the fall market saw some regression as sales slowed in the later part of the year. The median price of a North Shore single family detached home went up 3%.
Interest Rates: In 2023 interest rates went up and peaked in October and have come down since then. Rates started the year at about 6.25% for a 30-year fixed rate conforming and went up to about 8% in October, but have come back down to almost where they started the year and are currently at 6.5% for a 30 year fixed rate, conforming loan.
2023 North Shore Sales Facts: The highest sale price in the North Shore in 2023 was a tie between 2 Winnetka lakefront homes that each sold for $12,500,000. One was a 1918 vintage home that is commonly referred to as the Clement Stone home as he was the owner for many years. It has a pool, many stunning vintage details and 2 acres of land. The other home was built in 2005 and then recently remodeled to the highest standards. It has a pool, 12,500 sq feet of finished space, and almost an acre of land.
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