The Chicago North Shore Real Estate Market. Right Now.

As of January 31, 2023

North Shore Real Estate

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Evanston | Glencoe | Glenview | Kenilworth | Northfield | Northbrook | Wilmette | Winnetka

Each day the media reports more news about inflation, interest rates and a housing downturn. What is really happening in the Chicago North Shore real estate market? We are carefully tracking data for our North Shore towns so that we can immediately know how the local market may be shifting. Read on for our findings. If you would like to receive bi-weekly updates to track the North Shore market too, click here.

Chicago North Shore real estate market January 2023

Scroll Below to View Summary Chart and Data

Our take on the Chicago North Shore real estate market. . . 

For the first half of 2022, the Chicago North Shore real estate market moved fast and furious.  We've all heard tales of buyers facing multiple offers, bidding over list, and facing pressure cooker decisions.  The market back then was none we'd ever seen. With low inventory, high demand, low interest rates and a relatively stable global economy, the great real estate surge was on!

But, in the latter half of 2022 and moving into 2023, the winds are shifting and we find ourselves with rising interest rates, rampant inflation and an uncertain economic outlook - both domestically and globally. What is going on and how can you best prepare as a homebuyer or seller?

To provide our clients with every advantage in the market, we spend considerable time analyzing data and have created detailed summary charts (see below).  Our emphasis is on the North Shore, but should you need analysis for other areas, please reach out and we would be happy to accommodate.

Forecasting Ahead. . . 

Despite the rise in interest rates and economic uncertainty, we believe prices will remain relatively stable with only modest decreases (on average). This conclusion stems from the fact that inventory is projected to remain low on the North Shore, and demand, although it will lessen, will still exceed the number of available homes. Instead of  10-12 multiple offers on the most popular homes, we may see just 1-3 offers instead, Market time is expected to creep up.

North Shore demand still strong:

While the interest rates and economy will cause many struggles and create real downward pressure on some buyers who will be forced out of the marketplace nationally, the relative affluence of North Shore buyers (and sellers) should provide better protection against layoffs, job cuts and tumbling portfolios, and help maintain Chicago North Shore real estate market demand.

Historically, about 20% of North Shore buyers pay cash; and many buyers still have robust portfolios (despite the topsy-turvy stock market). Chicago has a healthy tech industry, and buyers desire our amenities: top notch schools, incredible recreation, relative safety, and easy commutes, making the North Shore a popular destination. In short, we expect enough buyers will remain in the North Shore marketplace to create adequate demand and prevent prices from tumbling in a significant manner.

Low Inventory Forecast Ahead. . . 

The low mortgage rates over the past several years will cause many homeowners to stay put, reducing available homes for purchase. In April 2022, Fortune Magazine and Redfin each proclaimed that about 50% of  US mortgage-holders have rates below 4% on their current home. Given those stats, we expect that many homeowners will choose NOT to sell. With current rates at about 6.5%-7% and trending up - making a move may cost more than staying put. This pressure on inventory is expected to endure for quite some time - and will result in fewer overall transactions, both locally and nationally.

2022 transactions in New Trier Township were down from 2021, and are expected to remain at a lower rate for the foreseeable future due to low inventory. The number of closed transactions per calendar year for the last 4 years in New Trier Township follows:

2019 - 982 homes sold

2020 - 1,220 homes sold (includes Covid quarantine period)

2021 - 1,366 homes sold

2022 - 1,016 homes sold

Here are stats for the month of January for each year:

2019 - 40

2020 - 51

2021 - 70

2022 - 68

2023 - 31

The media is reporting on a housing downturn. It's important to note that the North Shore behaves differently than the national market - it even differs from Chicago's market. We do agree, generally, that buyers under the $1M pricepoint (especially) will find themselves with less buying power on account of the interest rate hikes, recent property tax reassessments, and general inflation - and this will take some buyers out of the market and make others more selective and cautious.  That being said, we expect many North Shore buyers will, nevertheless, proceed with their purchase plans. We also anticipate that rates will level off by late spring - early summer and hover in the 5% range - which will be helpful to buyers.

As in any market (strong or weak), move-in ready homes are always most coveted, and when buyers become more selective, this is especially true. With continuing supply chain and labor shortages, many young buyers prefer a move-in ready home, because they don't have the bandwidth to coordinate renovation work on top of their demanding careers and young ones at home. The message for sellers: clean-up, repair and stage (simply) to ensure you get top dollar and a shorter market time!!

See Below for Data from all North Shore Towns

One of the best indicators of market activity is the number of buyers writing contracts. Of course, the number of homes available affects that number and should also be considered. Showing activity is also important to track as it provides insight into the number of interested parties by season and reflects how competitive the marketplace is at any given time, as well as how selective buyers may be getting as they have time to tour more homes.

Below, we have plotted on a graph for each North Shore town:

  • number of "under contract" homes per month (red);
  • number of showings per month (blue line); and
  • number of homes available for sale as of the last day of each month (green).

These graphs encompass 2019-2023 so that you can see the dramatic differences from pre-Covid through to the present. If you follow the blue line (showing activity), you will see in 2019, there were many more homes than showings. The opposite occurred once the real estate surge was upon us - with many more showings than available homes for sale!

You'll also see contract activity (red bars) very close to the number of available homes (green bars) and sometimes even exceeding - this is due to off-market listings and the fact that total homes on market is counted on the last day of the month. Homes were trading so fast that they were going under contract before ever showing up as available given the months' end statistic. Note, however, that in 2019, under contract activity was always well below the number of available homes.

We have included data through January 31, 2023. We are carefully tracking these stats in order to better predict where the market is heading. If you would like us to update you on our analysis (every month), please fill out this form.

  • average number of contracts per day in a given month
  • average number of showings per day in a given month

Data for detached single family homes only

Infosparks by MRED, as of 1/31/23

North Shore Summary - January 31, 2023

Chicago North Shore real estate market January 2023

Evanston

Evanston Chicago North Shore Real Estate Market Analysis January 2023

EVANSTON:

In December 2022:

  • 9 homes went under contract
  • There were about 5.5 showings per day

As of February 9, 2023:

  • There are 13 Coming Soon detached homes in Evanston. There are 4 other Coming Soon homes under contract.
  • January 2022 had a similar number of active homes on the market (39) and there are currently 43, which represents a 10% increase.
  • In January 2022, 32 homes went under contract. As of January 31, 2023, just 19 homes under contract in Evanston which represents a 41% decrease, and more inventory.
  • Showings are also sluggish. Through 1/31/22, there were 736 showings. Through 1/31/23, there have been 427, which represents a decrease of 42%.

Price and Supply (see charts below):

  • Price was trending up at the end of January and months supply decreased in December, ever so slightly. It is trending as it is a measure of buyers with respect to inventory and there are more buyers our, despite the higher inventory

Conclusion: Inventory is slightly up over last year, yet January's contract and showing activity is evenly matched and down about 41%. Buyers are cautious and taking their time. A great house sells fast - those needing work or with issues, linger. We will monitor in the coming months and expect buyer activity to be delayed this year.

Glencoe

Glencoe Chicago North Shore Real Estate Market Analysis January 2023

GLENCOE:

In December 2022:

  • 6 houses under contract
  • 18 total homes available
  • Showings slowed to about 2.2 per day

As of February 9, 2023:

  • There are 8 Coming Soon homes in Glencoe. There are 4 other Coming Soon homes under contract.
  • Fewer active homes on the market (16) as of January 31, 2023 than last January when there were 18. This is an 11% decrease.
  • Under contracts are way down. With 11 homes contracted in January 2022, there were just 4 in January 2023, which represents a 64% decline. Showings are down about 23%. 

Price and Supply (see charts below):

  • Price recovered a bit in December, rising to October levels, only to drop slightly again in January. Due to the small number of transactions, this number can be easily skewed. Months supply, while rising throughout most of 2022, continued its slight decline and is now comparable to mid-2021 levels. 

Conclusion: While actives are down from 2022, contracts are way down - more than would be expected. Showings are off, but not too out of proportion to inventory (11% lower inventory and 23% fewer showings), but 64% fewer contracts suggest that buyers are taking their time in deciding on a home.

Glenview

Glenview Chicago North Shore Real Estate Market Analysis January 2023

GLENVIEW:

In December 2022:

  • 12 homes went under contract
  • 54 total homes available
  • There were about 12 showings per day

As of February 9, 2023:

  • 35 Homes are Coming Soon in Glenview. There are 10 additional Coming Soon homes under contract.
  • Total number of active homes available is 47, a number slightly down from December 2022 when there were 54, but 24% down from January 2022, when there were 62 at month's end. 
  • 23 homes under contract through 1/31/23, which is way down from January 2022, when there were 52. This is a decrease of 62%.
  • Showings have risen since December, with 567 in January 2023, but way down from January 2022 when there were 771, representing a decrease of 27%. The lower showing activity relates to the lower amount of inventory, with each in the 24-27% range. 

Price and Supply (see charts below):

  • Price has had a welcome spike upward, after trailing down for several months, months supply continued a slow decline.

Conclusion: While inventory is down 24%, there are 35 homes about to come on the market which should prop up inventory levels. Showing declines have stayed relative to the inventory changes, but the contract pace is much lower. While there are a fair amount of contracts in Coming Soon homes (10), the pace among active homes in lagging. Glenview buyers seem especially cautious. 

Kenilworth

Kenilworth Chicago North Shore Real Estate Market Analysis January 2023

KENILWORTH:

  • Keep in mind that due to the small size of this town, statistics can get skewed with just 1 or 2 sales.

In December 2022:

  • There was 1 home under contract 
  • On average, there were just 4 showings for the whole month, for 3 listed homes.

As of February 9, 2023:

  • There are 6 Coming Soon homes in Kenilworth. Two additional Coming Soon homes are under contract.
  • Total number of homes has almost tripled since December and is just slightly lower (20%) than January 2022.
  • Under contracts are way up from December (5 v. 1), and they're even with January 2022, when 5 homes also went under contract. 
  • Showings are down significantly from January 2022 (67%), and far outpace the lower inventory levels. 

Price and Supply (see charts below):

  • Price slightly up in December, but the small number of homes can skew this analysis. Months supply slightly lower than December.

Conclusion: Kenilworth is on fire! With fewer homes on the market, and fewer showings too - they have managed to keep pace with contract activity from January 2022. 

Northfield

Northfield Chicago North Shore Real Estate Market Analysis January 2023

Northfield:

In December 2022:

  • There were no contracts
  • On average, there was about 1 showing per day for 10 total homes

As of February 9, 2023:

  • There are 3 homes Coming Soon in Northfield, and 2 additional Coming Soon homes that are under contract.
  • Total number of active homes is down 3 from January 2022, or 27%.
  • 2 under contracts in January 2022, which is an 60% decrease from the 5 contracts in January 2022.
  • There were 75 showings in January 2023, where January 2022 saw 115, representing a decrease of 35%.

Price and Supply (see charts below):

  • Price has steadily trended downward. Months supply is remaining relatively stable - and is still at historically low levels.

Conclusion: The number of active homes is down slightly and showings are down a comparable amount but contracts are significantly lower, suggesting buyers are holding out before making offers in Northfield. 

Northbrook

Northbrook Chicago North Shore Real Estate Market Analysis January 2023

NORTHBROOK:

In December 2022:

  • 15 homes went under contract
  • There were about 10.7 showings per day
  • 47 total homes on the market

As of February 9, 2023:

  • There are 29 Coming Soon homes in Northbrook. Seven additional Coming Soon homes are under contract.
  • Active homes are up by a count of three (or 6%) in January 2023, from January 2022 when there were 48. 
  • Contract activity is down 38% from January 2022. 
  • Showings are down 20% in January 2023 compared with January 2022 levels, which is even more pronounced given the increase in inventory netting fewer showings. 

Price and Supply (see charts below):

  • Despite the stall in contracts, price continues to rise higher and months supply continues to trend downward and remains at historically low levels. 

Conclusion: Inventory is slightly higher and poised to climb higher with a large number of off-market homes on the horizon. Showings are down despite the higher inventory, and contracts are down at an even more pronounced level. 

Wilmette

Wilmette Chicago North Shore Real Estate Market Analysis January 2023

WILMETTE:

In December 2022:

  • Just 4 homes under contract in December 
  • There were about 6 showings per day for 18 homes on the market

As of February 9, 2023:

  • There are 9 Coming Soon homes in Wilmette. Five additional Coming Soon homes are under contract.
  • Total number of homes is up by one, from January 2022, or 5%.
  • Contract activity is down 19% from January 2022, which is down more than expected given the slightly higher inventory.  
  • In January 2022, there were 394 showings. In January 2023, there were 259, despite the fact that inventory is comparable. This represents a decrease of 34%.

Price and Supply (see charts below):

  • Price had an incredible trajectory in 2022, and is continuing to rise. Months supply is still at historically low levels and remains fairly stable.

Conclusion: While inventory is up 5%, contracts are down more than expected at 19% and showings are off even more at a 34% decrease. There are a fair number of off-market sales (5) picking up some of the slack. In any event, the relevant active home data in Wilmette is only slightly down from January 2022.  

Winnetka

Winnetka Chicago North Shore Real Estate Market Analysis January 2023

WINNETKA:

In December 2022:

  • 6 homes went under contract, with 18 on the market
  • There were about 1.2 showings per day

As of February 9, 2023:

  • There are 13 Coming Soon homes in Winnetka. An additional 8 Coming Soon homes are under contract.
  • Total number of active homes available has decreased by 30% (from 27 in January 2022, to 19 in January 2023).
  • January 2023 saw 6 contracts, down 77% from the 26 contracts of January 2022. Of course, some of the activity among Coming Soon homes is picking up this slack. 
  • in January 2022, there were 273 showings for 27 active homes. In January 2023, there were just 86 showings for 19 active homes, representing a decline of 68%, despite only a 30% drop in active home inventory. Again, some showings are happening among off market listings which are not counted in the active home showings. 

Price and Supply (see charts below):

  • Price had an incredible trajectory in 2022, and after a marked decline, has moved up again.  Months supply is stable but the off-market homes are providing additional options for buyers. Overall, inventory remains at historically low levels. 

Conclusion: Winnetka's active supply of homes is about 30% lower than last January, yet its contracts and showings are significantly lower than one would expect. There is a fairly robust off-market supply of homes and contracts happening which seems to be buttressing the Winnetka market. 

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