North Shore Views
Home sales on the North Shore of Chicago increased 17% in 2012 vs. the previous year. All towns posted gains except Winnetka (-1%) and Kenilworth (-11%). Highland Park, Wilmette and Evanston had the greatest increases.
Prices have been slower to recover. The median home price on the North Shore was down 6% for the year. Declines continued through the first seven months before hitting bottom and then rising modestly in the fall. Prices rose enough in Highland Park, Winnetka and Evanston to offset the earlier declines. Kenilworth, Lake Forest and Glenview have been slower to recover.
North Shore Real Estate Data – 2012
Time on market is just over five months for the North Shore, with Wilmette continuing to have the shortest market time with 3.4 months. Kenilworth and Lake Forest have the longest market times at 8 months.
Economists are projecting sales growth of 2.5-3.5% in 2013. The biggest obstacle to growth may be lack of inventory. Homeowners who are under water may not be willing or able to sell until prices recover. Tight inventory should help drive prices up eventually.
Want more data? You can see statistics by individual town in Market Statistics.
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