Whenever I see people around town, by far, the number one question I’m asked is “how’s the market?” My answer is often “it depends on where you’re looking”.
National headlines say the housing market is cooling, that affordability is strained, and that mortgage rates are holding buyers back. All of that is true—to a point. But here, locally, in Chicago’s North Shore suburbs, the real story is more nuanced. The market remains competitive, listings are rising gradually, and motivated buyers are still making moves.
Let’s break it down.
The National Picture: High Rates, High Prices, and Cautious Buyers
Across the country, homebuyers are feeling the pressure of stretched budgets:
- The median U.S. home price hit $441,738 in June 2025, up nearly 4% year-over-year.
- Mortgage rates are hovering between 6.6% and 6.9%, nearly double what many buyers were used to just a few years ago.
- That’s pushed the monthly payment on a median-priced home to around $2,570, even with 20% down.
- Total U.S. home sales remain 30–40% below typical pre-pandemic levels, as many would-be buyers and sellers stay on the sidelines.
- Builders are offering more incentives to attract buyers, including rate buydowns and upgrades—clear signs of a more cautious national market.
So, while national inventory has ticked up (~4 months of supply in many metros), it’s not yet enough to tip the market in favor of buyers.
The North Shore Market: Low Inventory, Stable Pricing, Steady Demand
Now let’s talk about what’s really happening in a few North Shore suburbs including Highland Park, Northbrook, Deerfield, and Glencoe.
Yes, buyers here are still dealing with higher mortgage rates. But the demand for well-located, move-in ready homes remains strong. Prices haven’t spiked like they did in 2021, but they’re holding steady—especially in the mid-to-high price tiers.
Local Highlights:
- Inventory levels remain tight: Most North Shore suburbs are seeing 1 to 2 months of inventory, far below the 5–6 months that define a balanced market.
- Homes are still moving fast: In June, the average days on market in Highland Park was just 19 days—down from 35 days a year ago.
- Pricing power remains strong: Median sale prices are up:
- Highland Park: ~$880,000
- Northbrook: ~$830,000
- Deerfield: ~$728,500
- Glencoe: ~$1.7 million
- Many homes are still receiving multiple offers, especially in the $600K–$1M range.
- New listings are finally climbing: Northbrook saw a 12.8% increase in active listings in June vs. May; Highland Park saw a 6% bump MoM.
What this means: inventory is rising slowly, but demand is still outpacing supply in most price brackets.
What This Means for Buyers
- You have more clarity now. After years of mortgage rate volatility, the past 4–5 months have shown consistency. That gives you a clearer picture of what you can afford.
- Inventory is improving—but not flooding. There are more homes coming to market this summer than last year, but competition hasn’t disappeared.
- Be prepared to act fast. The best homes are still going under contract in under two weeks. Pre-approval and a defined search strategy are critical.
What This Means for Sellers
- You’re still in the driver’s seat—if you price right. Buyers are watching rates and monthly payments closely, but they’re willing to pay for quality.
- Listing this summer gives you options. With more buyers actively searching and fewer comparable homes available, well-presented properties stand out.
- Don’t overcorrect. You don’t need to “chase” the market down. Pricing to reflect today’s demand still leads to competitive offers.
Final Thoughts
Despite what national headlines suggest, the North Shore is not stalling out.
· Pricing is stable.
· Inventory is still low (but improving).
· Buyer interest remains high, especially for updated homes in desirable school districts.
So, when someone asks, “How’s the market?”, the answer is:
“Still strong—just a little more strategic than before.”
Want a deeper look at your neighborhood or your home’s value?
Let’s connect. Whether you're thinking of selling, buying, or just staying informed, we're here to help you navigate this market with confidence.
