North Shore Real Estate Market

We are often asked how the North Shore real estate market been impacted by the COVID-19 virus. The numbers tell the story.

The North Shore real estate market started out strong in 2020, and then slowed down dramatically in March and April. Closed sales of single-family detached homes were up 27% in the first quarter of 2020 compared to 2019, and the median sale price was up 2%. In Wilmette, sales were up 23% and median prices 4%. However, by April the picture changed dramatically.

In the North Shore 245 detached single-family homes went under contract in April this year. Prior to this year an average of 481 detached single-family homes in the North Shore would go under contract in the month of April. In Wilmette, 19 detached single-family homes went under contract this April. Prior to this year an average of 43 detached single-family homes would go under contract in the month of April. Moreover, sales in the North Shore were down about 50% from a typical April.

Another big change was the lack of new listings coming into the market this April. In April of this year 457 detached single-family homes were listed in the entire North Shore. In April of 2019, 1163 detached single-family homes were listed in the North Shore.

Moreover, as most people would expect, the North Shore real estate market has been heavily impacted by the COVID-19 virus. What happens to the market going forward is impossible to predict, but probably depends heavily on how well the virus is contained.

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