Closed Listings in Illinois are down from 2021.
The enormous seller market over the past 2 years has diminished.
Higher Interest rates combined with soaring inflation has hurt the selling of homes in both States.
The market is much slower now in Illinois and Indiana.
Home prices will stabilize and decrease in some homes that are not as desirable.
The multi contract situations will not be common any longer, eliminating most of the bidding wars.
It is not all doom and gloom. Homes are still selling, people have to move and people still want to buy homes.
Buying a home will be easier due to lack of buyers.
With the unstable economy it is impossible to predict the market conditions in 2023.
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