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2024 will be a terrific market for sellers. (And buyers, too!)

Home prices in Illinois are rising and will continue to rise till the supply-demand dynamic changes. The number of houses for sale in IL was 37,000 in September 2023. This is close to the 45K homes in the summer of 2023, a period that is regarded as the best time to sell a house in Illinois.

In November, the mortgage rate plummeted from a two-decade-high rate of 8% to 7.35%, adding more new listings on the market. This shows that those who refused to sell due to mortgage rate lock are finally acclimatizing to 7% rates. Come Spring 2024, more homeowners will follow suit and list properties on Illinois MLS.

The increase in new home listings in Illinois has also brought back home shoppers who were hugging the sidelines. In fact, the recent uptick in mortgage applicationsshows that buyers are returning. 

House hunters who could not find affordable homes in 2023 will also start shopping in 2024. The demand for Illinois houses will increase – and that’s why sellers may be able to dominate the market.

However, new builds will compete for attention from buyers. Home builders have persuaded buyers to buy new construction homes with mortgage buydowns worth $30K in 2023! Builders will continue offering concessions in 2024, and home sellers may have to wage wars against them. 

Listings of new constructions, baby boomers looking to downsize, and desperate home sellers will flood the market in 2024. The properties for sale in Illinois will increase. So, whether you are looking for a condo in Chicago or a single-family primary home in Springfield, you will find your dream home next spring.