A DEEP DIVE INTO THE WINNETKA REAL ESTATE NUMBERS

Up-to-Date Info on the Winnetka Real Estate Market for buyers and sellers

An Overview of Today’s Market in Winnetka

The median sales price is flat compared to 2022, and the average time spent on the market has dropped slightly compared to last year. Supply and demand are both lower, but it still favors sellers. Winnetka Sellers may have fewer buyers looking at homes than in the past, but there is less competition to fight against than in recent years.

In turn, reduced available inventory is keeping buyers’ choices lower this year as are efficiently priced homes. Buyers need to have their financial “ducks in a row” so they can act quickly. The fewer contingencies, the better. While there may be fewer buyers, there’s still competition.

Additionally, the Federal Reserve seems poised to raise interest rates at least once more before re-evaluating and making another decision. Expect rates to go up in the near term. 

While it’s impossible to know precisely what will happen, inventory and the number of buyers will likely remain low. 

Well-priced homes will continue to sell quickly, and overpriced homes will sit on the market. However, Winnetka values will very likely remain tops in the area. 

Bottom line: Supply and Demand still drive activity in our market. Prices are unlikely to move a great deal despite fewer sales, listings, and buyers. The market still feels a bit like a “Seller’s Market,” but buyers are pickier than during the pandemic-fueled market. As a result, a delicate seller/buyer balance currently exists.

Top Questions from buyers, sellers, and owners

• Is now a good time to sell/buy? In most cases, the answer is yes, but the answer really depends on what you are looking to do.

  • Moving up? Yes, rates are likely trending up.

  • Selling only? Yes, due to the low inventory. 

  • Buying only? Yes, if you can find what you are looking for.

  • Buying for Investment? Yes, but only if the numbers work.

  • Downsizing? Yes, but probably better if you sell and rent.

• What’s the long-term average? (Jan 1-Apr 30, 2014-2023 Stats)

  • The average number of listings has been 197 homes

  • The average number of contracts has been 97

  • The average number of closed transactions is 62

  • The average Days on Market is over five months (152 days)

  • The average ratio of Sale-to-List-Price has been 93.15%

• What are the 2023 stats year-to-date? (Through April 30th)

  • We have had 49 deals closed — down 32% vs. 2022

  • 72 homes have gone under contract

  • The # of homes listed (105) is barely half that of the average

  • The average sales price in Winnetka is $1,748,460

  • The median sales price in Winnetka is $1.5 Million

• What were the price ranges of sold homes?

  • Under $1M: 10

  • $1M-$1.25M: 7

  • $1.25M-$1.5M: 8

  • $1.5M-$1.75M: 4

  • $1.75M-$2M: 5

  • $2M-$2.5M: 8

  • $2.5M-$3M: 4

  • $3M-$4M: 1

  • $4M-$5M: 1

  • $5M+: 1

*Source: All information gathered from Midwest Real Estate Data (“MRED”) 

STORY BY DAVE NIMICK
Winnetka Resident & Award-Winning Real Estate Broker
Keller Williams Momentum

Contact Dave

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This article was originally featured in
the Live Winnetka Magazine - Edition 01

Click here for more stories from that issue! And view more editions below:

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