The North Shore Fall Market

One question I often get is,“How is the fall market on the North Shore?”

The answer has been pretty consistent over the last handful of years since COVID, and it’s not all that different from what we saw pre-COVID. I would describe the fall market as steady, but slower-moving than the frenzy we often see in the spring.

The spring market is filled with new buyers who are excited to get started with their search and hopefully be settled before the upcoming school year. For some buyers, a year-end bonus or other financial incentive also motivates them to buy and start building equity rather than continuing to rent.

By summertime, many buyers need a break from the search and want to enjoy our amazing Chicago summers. Then, when fall rolls around, some of those buyers become motivated to start looking again, while others experience search fatigue and decide to wait until the new year.

Overall, there are simply fewer buyers actively out looking in the fall. That can make it a great time to buy because you aren't competing with the same level of buyer competition you typically see in the spring.

In a market with low inventory, like we've experienced over the last five years, we might see only two or three offers on a home that could attract closer to a dozen offers during the spring market. Homes are still selling and selling well, there is just generally less competition.

Fall can also be a great opportunity for buyers to find a home that was listed too high in the spring. Sometimes an unrealistic seller prices a home aggressively, it sits on the market, becomes stale, and eventually the seller becomes more realistic about the price. I always encourage my buyers not to give up in the fall because there can be some great opportunities.

What About Sellers?

It’s true that sellers will generally see more traffic in the spring. But the reality is that we sell homes 365 days a year.

There are always serious buyers out there, and if a home is priced correctly, you could still end up in a bidding war, even if that means two motivated buyers instead of ten, and ultimately achieve a great price.

Sellers also need to consider why they are moving and the cost of maintaining the home for another six months while waiting for the spring market. In many cases, waiting simply doesn't make sense.

On the other hand, if you’re getting close to the holiday season and don't have an immediate need to sell, it might be a good time to tackle a few home improvements, such as painting or other cosmetic updates, so your home is looking its best when the spring market arrives.

The Bottom Line

Overall, the fall market is a little quieter and moves at a slower pace. However, we continue to have extremely low inventory across the North Shore, which means fall can still be a very good time to sell.

At the end of the day, we sell homes year-round. I always tell my clients to focus on what makes the most sense for their individual circumstances and timing rather than trying to perfectly time the market.

Whether you're thinking about buying or selling this fall, there can be opportunities.