Slight Fluctuations, but Still Seller's Market
Morton Grove is still firmly a seller’s market, with months of housing supply merely over 4 months. But we are seeing some slight price cooling down compared to a year ago, except for the pocket around National Park. Buyers are taking longer to decide, and visiting more homes, and negotiate harder.
What does this mean for sellers? Sellers have to be realistic with the expected payoff, and price it competitively to get a leg up, especially for homes over $500k.
Price Per SF increasing, except for homes under $250k
Look at the chart on the left: Homes have generally seen a stable or slight increase in price per square foot, except for the red line (homes under $250k). Cheaper homes are getting hammered price-wise. Average price psf has dropped from $204 to $186, which is back to 2016 level.
What does this mean for buyers? If you are looking for affordable homes under $250k, bring out your best negotiation game, you are more likely to get serious wins.
Rule of Thumb Valuation
We thought it might be fun to look at the price of homes based strictly on how many bathrooms there are. For Morton Grove, each additional bathroom adds around $110k in value, for both attached and detached homes. But don’t take our words as a scientific theory and go ahead to add bathrooms in your home. It’s merely a proxy of home size. And, you got it, a rule of thumb valuation.
Want to know about your local market?
Drop us a line on Facebook. We do periodic market analysis if we see something interesting, and based on requests. Hopefully these tidbits can help you with your next real estate transaction.