Glencoe Real Estate Market Prices, Trends, and Forecast 2023

Glencoe Jena Radnay July 20, 2023

Glencoe, a charming village between the Cook County Forest Preserve and Lake Michigan, boasts a picturesque landscape that never fails to enchant its visitors. Its small-town sense of community and proximity to the hustle and bustle of Chicago are also major draws for many. If Glencoe sounds like the right fit for you, let’s see what the Glencoe real estate market has in store for the rest of 2023! Read on.

The Glencoe housing market forecast 2023

Home values are up, but buyers have gained ground

Overall, home values in Glencoe have increased by 3.9% from May 2022 to this year, which is terrific news for investors and homeowners thinking about selling. On the flip side, buyers who were waiting for the market to level out may finally have found the right time, as home prices did not soar upwards as they did in 2021. Nationally, sales have dropped by 23% compared to 2022, leading some sellers to be more willing to negotiate — providing a bright horizon for many buyers.

According to the latest market report from the North Shore Barrington Association of Realtors, new listings have fallen by 29.2% across the North Shore area. Likewise, closed sales are down by 24.9% in the region. Inventory has also decreased by 26.1%, and homes are spending longer on the market at 41 days. Prices have held relatively steady, increasing by just 3% to a median price of $582,000 across the area. With prices stabilizing, this is the perfect time to make a move as a buyer in the North Shore.

Looking forward to lower interest rates

Interest rates have been hovering around 6 to 7% for a while now. It has been quite a roller coaster ride, especially considering the low rates of about 3% we saw during the early pandemic. Nationally, the fixed rate for a 30-year mortgage is around 7%. However, the interest rates in Illinois currently sit around 6%, so it is a great time to buy and then refinance in the future if you find the perfect property.

Looking good for investors

From 2017 to 2021, 93.4% of homes in Glencoe were owner-occupied. Because of Glencoe’s incredible level of appeal, the area is highly sought-after and serves as a solid and savvy place for investment. With fantastic restaurants, a lively sports scene, excellent golf courses, gorgeous parks, a top school system, and alluring lakeside scenery all around, Glencoe is a highly desirable area that promises strong returns if you’re selling a home here.

In fact, the majority of homes in the area sell for over their listed price. This strongly indicates that homebuyers are consistently interested in seeking homes in the region, suggesting a substantial potential for rental units and home flipping opportunities.

Glencoe median home prices 2023

Glencoe is just coming out of a strong seller’s market from last year and is now experiencing a more neutral housing market. This indicates that prices have been leveling out, and houses may stay on the market longer.

While homes in the North Shore sell for a median price of $582,000, it’s important to note that Glencoe homes command much higher price points. Specifically, the median home price in Glencoe is $1,298,000, which is up by a modest 3.9% from last year. Within Glencoe, 75% of homes sell for over the asking price, and 88% of them sell in under 30 days.

The Cook County housing market

Cook County overall is still experiencing a seller’s market since last year. The median sales price for homes in the county is $305,000, which is down just 0.2% (or $599) from last May, indicating that prices have held steady. In addition, the number of homes for sale in Cook County has risen by 13% since last year. Closed transactions have also risen slightly by 8.3% in May 2023 compared to just the month before. Of those transactions, 40% sold under the list price, 18% sold at the list price, and 42% sold over the list price. As discussed, Glencoe real estate sits at an even higher price point, with an even higher level of demand for luxury homes here.

The Cook County market and the pandemic

Much of the nation experienced a housing boom during the pandemic, with record-low interest rates and homes flying off the market at a high pace. Many people realized they could work from home and live nearly anywhere, so real estate seekers across the state started to move to the area. In some cases, residents of Chicago decided to move further out to the suburbs in search of a quieter way of life, with big-city amenities still within reach.

Tips for beginning your real estate journey

If you are buying or selling a home on the Glencoe real estate market, team up with a top agent to ensure the best results! If you’re seeking a new property, expert broker Jena Radnay can connect you with outstanding properties that fit all your preferences. She will guide you through the journey of tackling home tours, making offers, negotiating, and moving toward closing on your dream home! In addition, if you’re selling your beloved home, Jena is ready with top-notch marketing tactics, negotiation strategies, and more to ensure you achieve the winning sale you’ve been hoping for.

Reach out to Jena Radnay today!

There are plenty of amazing opportunities in the Glencoe real estate market, but it is up to savvy investors to act on them. Working with a local expert can be the difference between getting that perfect house and losing out to another buyer. Don’t make this mistake!

Jena Radnay is an award-winning broker with the knowledge and talent you need to get results. Jena can show you incredible Glencoe homes for sale and help you place the winning bid on your favorite property. If you are in the market for a new home or thinking about selling your home, call Jena today to get started. It is one business move you will not regret.

*Header photo courtesy of Jena Radnay

Work With Jena

Jena Radnay, and the focus of her real estate business, is all about people. Radnay’s love for real estate, houses, marketing, and people have allowed her business to grow organically, albeit explosively, in large part from referrals from her extensive network of contacts and connections.