DON’T EXPECT A PRICE DROP IN HOME PRICES IN 2023
THE CURRENT MARKET
MORTGAGE RATES
DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES
Thinking of selling? Let me professionally market and feature your home in my publication, which is mailed to hundreds of potential buyers every month. Call me today at 847.977.7024 and let’s maximize the selling potential of your home.
DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES CURRENTLY LISTED
While elevated rates, sluggish sales, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.
Housing inventory is about a quarter of what it was in 2008, with distressed property sales at just 2% and nowhere near the 30% mark seen during the crash. There are signs that mortgage rates have topped out at 7%. One example is the October consumer price index, which shows inflation is rising less than expected.
PREDICTIONS
Home sales are expected to decline by 7% in 2023. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.
Plenty of potential buyers are still patiently waiting to enter the market. Talking with your neighborhood expert to develop a plan to stay ahead of the curve will result in the best sale possible. Call me today at 847.977.7024 to get the conversation started.
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DOWNTOWN PALATINE’S FINEST CONDOS & TOWNHOMES RECENTLY SOLD
The Messina-Wallace Team is committed to providing you the highest quality financial solution that is specifically tailored to meet your financial needs. Whether you are purchasing the home of your dreams or refinancing an outstanding loan, we can help you find the right program.
Greg Olson and RE/MAX Suburban are not in any way affiliated with Downtown Palatine Owners Association, nor is this in any way an official advertisement or publication of Downtown Palatine. ©2023 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the MRED MLS for June 23rd to December 15th, 2022. Listings and sales may not be those of RE/MAX Suburban. MRED MLS does not guarantee the accuracy of this data, which may not reflect all of the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. *Square feet rounded down to nearest hundred. Call today for full details.
ESTATE MARKET REPORT The Benchmark • The Brownstones • The Groves of Palatine • Palatine Station • The Preserve • Stratford Downtown
REAL
Status Subdivision Address Type Beds Baths Estimated Square Feet* List Price Sold Price Sold Date Sold Benchmark 132 W Johnson Street #503 Condo 2 2.0 N/A $290,000 $300,000 10/12/22 Sold Benchmark 133 W Palatine Road #111A Condo 1 1.1 1,400 $242,900 $235,000 09/13/22 Sold Benchmark 133 W Palatine Road #102 Condo 2 2.0 1,500 $289,900 $290,000 08/16/22 Sold The Groves of Palatine 356 W Wood Street #32 Townhouse 2 2.1 2,100 $355,000 $350,000 11/21/22 Sold The Groves of Palatine 396 W Wood Street Townhouse 2 2.1 2,200 $358,000 $340,000 09/29/22 Sold Palatine Station 141 N Rose Street Condo 2 2.1 1,800 $344,900 $344,900 10/12/22 Sold Palatine Station 223 W Wood Street #77E Condo 1 1.0 1,000 $234,900 $225,000 09/30/22 Sold Palatine Station 309 W Wood Street Townhouse 3 2.2 2,300 $378,000 $338,000 07/19/22 Sold Palatine Station 147 N Maple Street Townhouse 2 2.1 1,800 $349,900 $343,000 06/23/22 Sold The Preserve 435 W Wood Street #408 Condo 2 2.0 1,700 $349,900 $343,500 11/17/22 Sold The Preserve 455 W Wood Street #406 Condo 2 2.0 1,500 $290,000 $300,000 08/25/22 Sold The Preserve 435 W Wood Street #413A Condo 2 2.0 1,600 $340,000 $345,000 07/01/22 Sold The Stratford of Palatine 190 W Johnson Street #501 Condo 2 2.0 1,500 $299,900 $300,000 07/01/22 Sold Wilson Street Homes 228 W Wilson Street B Townhouse 2 1.1 1,800 $279,900 $279,900 08/25/22
are 2 homes currently pending in Downtown Palatine. For more information, call me today at 847.977.7024.
"Greg facilitated every step of both selling and buying and made everything work timely and smoothly. The best Realtor I have ever dealt with, and there have been quite a few."
Status Subdivision Street Name Type Beds Baths Estimated Square Feet* List Price Active Benchmark W Palatine Road Condo 3 2.0 1,900 $399,900 Active Palatine Station N Rose Street Townhouse 2 2.1 1,800 $339,900
- DORA M.
PRODUCTS OFFERED: PROUD SPONSORS OF CMN Recognized 2017 Miracle Makers Cross Country Mortgage | 330 E. Northwest Highway, Mount Prospect, IL 60056 | NMLS: 874123 Chris Wallace NMLS: 224090 C: 708.525.5953 Chris.Wallace@myccmortgage.com Pasquale Pete Messina NMLS: 227000 C: 847.951.1697 pmessina@myccmortgage.com Conventional, FHA, VA, Jumbo, USDA, and IHDA Purchase or Refinance
Source: NAR’s Lawrence Yun
AN INCREASE OF 1% IN THE NATIONAL MEDIAN NEXT YEAR INSTEAD
EXPECT
Downtown Palatine Homeowner,
Downtown Palatine Homeowner,
