The real estate industry, nationally, has faced a great deal of changes within the last 4 months. With interest rate changes, shifts in rules regarding how buyers are represented by real estate professionals, and the presidential election, Q3 2024 was full of variations.
Real Estate during Presidential Election Years
During a presidential election year, Fall sales traditionally are lighter for pending sales than non-presidential years. In fact, October to November pending sales typically decrease an additional five percent than non-presidential election years.
Despite these traditional headwinds, on top of industry rules changes, October 2024 proved to be a stronger sales market locally than October 2023 in many cases, and even saw more sales than September 2024.
Let's take a look at four local markets:*
|
City |
Oct 24 v Oct 23 |
Oct 24 v Sept 24 |
|
Clarendon Hills |
+25% |
+38% |
|
Hinsdale |
+38% |
+38% |
|
Oak Brook |
+55% |
+20% |
|
Western Springs |
+18% |
+50% |
In October 2024, all four markets outperformed both the prior year and the prior month. The market itself was up 18% when compared to October 2023.
With the results of the 2024 election now announced, we have seen signs of improvement in U.S. financial market. The Federal Reserve announced a 0.25% rate cut, bringing the benchmark rate to a range of 4.5%-4.75%. With that in mind, we are feeling optimistic that the real estate market will follow suit.
In looking ahead to 2025, regardless of election results, the market nationally typically sees a rise in both pending sales and price.
*statistics are per connectMLS, comparing listings that have gone under contract from October 1 - October 31st, 2024, versus listings that have gone under contract from October 1 - October 31, 2023, and September 1 - September 30, 2024. All property types included.
Local Inventory
Here is what our local markets look like (rolling 12 months, all properties, per Infosparks) versus this time last year:
MSI (Months Supply of Inventory) in Clarendon Hill is down 10.5%, Hinsdale is down 7.4% and Western Springs is down 25% while Oak Brook has seen a 12.5% increase.
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Interested in your home value? Or getting guidance on if/when to sell? Schedule a complimentary consultation with Mike McCurry at themccurrygroup.com/sell-with-mike