Noah Levy

 As a REALTOR  in Highland Park Illinois I am often asked..... "How is the Real Estate Market?"  Obviously, my clients ask me this question but I am also asked this question by friends, family and/or acquaintances. I am asked this question at the grocery store, while I am walking my dog, at school functions, as a spectator at a sporting event, cocktail party- anywhere and everywhere.

Let's call  a spade a spade - the market is not what it was in 2005- BUT  people need to sell and/or need to buy homes.  Some years we have what we call a Buyer's market and sometimes we have the opposite a Seller's market.  In the last couple of years the  price for a single family home Nationwide has gone down.  As a perspective Home Buyer or a Home Seller it is important to understand (and accept- especially seller's) what the Real Estate Market is doing. 

  Keep in mind that the KEY to selling a home in today's market is to price the property right.  An overpriced listing does not sell as quickly as a home that is priced right for the market - it only accumulates market time. The goal for a seller should be to be the BEST PRICED home within a price bracket.

Here are a few key questions and answers  of how the Real Estate Market in Highland Park IL was in  2009 compared to 2008 & 2007:

How many units have sold in Highland Park IL?  In 2009 a total of 209 units were sold compared to 240 units in 2008 and 268 units in 2007.

What is the Median Sales Price for a single family home in Highland Park IL?  The Median Sales Price for a Single Family Home has gone down.  In 2009 the Median Sales Price for a single family home was $480,000 . Comparatively in 2008 the Median Sales price was $609,000 and in 2007 it was $658,500.

What is the Average Market Time for a Single Family Home in Highland Park IL?  The Average Market Time in 2009 was 225 days compared to 228 days in 2008 and 204 days in 2007.

For a more detailed Market Evaluation of your Home in Highland Park IL - give me a call!