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Home > North Shore Market Report: 3rd Quarter of 2021

North Shore Market Report: 3rd Quarter of 2021

October 21, 2021 by jnash Leave a Comment

The number of North Shore homes sales in the 3rd quarter of 2021 was down 3% as compared to the 3rd quarter of 2020. Market time was down an amazing 62% and median prices were up 9%. Overall, it was an exceptional quarter for North Shore home sales. While the number of sales was down 3%, it was still a great number. It just so happens that the 3rd quarter of 2020 had a huge number of sales since it was right after people began flooding into the market after stay-at-home orders began lifting.

Here are the 3rd Quarter Statistics:

    Number of Homes Sales   Average Market Time  
                 
    3rd Q 20 3rd Q 21     3rd Q 20 3rd Q 21  
Wilmette   154 160     86 35  
Evanston   183 158     115 35  
Winnetka   110 100     106 53  
Glenview   236 213     99 43  
North Shore 1871 1806     117 44  
                 
    Average Home Price (in thousands) Median Home Price (in thousands)
    3rd Q 20 3rd Q 21 % Change   3rd Q 20 3rd Q 21 % Change
Wilmette   958 1004 5%   846 860 2%
Evanston   698 766 10%   612 658 8%
Winnetka   1441 1643 14%   1175 1388 18%
Glenview   709 800 13%   602 725 20%
North Shore 772 830 8%   610 665 9%

 

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

Prices: Prices in the 3rd quarter remained strong as they have been throughout this year. The median price for the North Shore was up 9% from last year. As is typical when pulling just one quarter of sales, the price changes in individual suburbs varied greatly with Wilmette’s statistical increase being 2% and Glenview’s 20%. Neither of those numbers is what happened in reality—one is too low, and one is too high. This once again proves that the sample size of one suburb for one quarter is too small to get a reliable number. The North Shore statistical increase is closer to what actually happened in all of these suburbs.

Inventory: Inventory at this time last year was below normal. Now it is at historic lows. Currently Wilmette has 50 single-family homes on the market that are not under contract. Last year at this time there were 101 active homes so the number has dropped dramatically. Evanston has only 59 active homes currently. It had 84 last year. Winnetka has 46 active homes, which is a big drop from the 80 that were on last year. Glenview also has had a big inventory decrease going from 203 to 142 homes.  The North Shore as a whole saw a large, 38% decrease, going from 1518 to 936.  Last year inventory was low. This year it is extremely low.

Interest Rates:  Interest Rates this year have come slightly off the all-time lows we hit last year and have had for most of this year. They are currently around 3.125% for a 30-year fixed rate.  That is true for both conforming and jumbo loans. 30-year rates had been hovering in the upper 2’s for most of this year, but recently move up a little. The 15-year fixed is about 2.5%. 

The highest sale price in the North Shore in the 3rd quarter was $5,999,900 for a newer home in NE Winnetka. It has 7 bedrooms and 8 full and 1 half baths, and features a home theater, indoor basketball court and outdoor swimming pool. Someone appears to like the number 9 more than 6.

Filed Under: North Shore Market Reports

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The Nash Team

John and Ted Nash are the Nash Team. They grew up in Wilmette where their dad had a real estate office and sold North Shore homes for over 50 years. They each have over 25 years experience selling homes and have sold over 1000 of them. John is a veteran and University of Notre Dame graduate. Ted graduated from the University of Kansas. They have the experience and dedication to ensure your transaction is smooth and rewarding. Call today to see how this unmatched team can assist you.
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Jameson Sotheby’s International Realty

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Evanston, IL 60201

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(312) 505-1959 Ted
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