Everyone’s eyes will be on rates as they will likely determine which direction this market will go over the next few months. The month’s supply of homes overall still points to a sellers market; however the number of homes going under contract is down significantly over the last two years and days on market is starting to tick up.
Kane County months supply of homes is sitting at 2.3 months (we determine months supply of homes as how long it would take if every home currently on the market sold. Typically a balanced market is viewed as between 4-6 month supply of homes). Last December, the month’s supply was 1.7 and December of 2020, it was also 1.7. Currently there are 289 homes under contract which is significantly down from this same time last year at 420 homes under contract.
If rates come down while this inventory is still low, it could put us right back to what we’ve been seeing over the last two years.
Want to talk more about the real estate market, we’d be happy to have a convo! Give us a call: 630-299-4459.