1. ?? Burr Ridge Market Update ??: As we head into March 2025, the real estate market in Burr Ridge, Illinois is showing strong signs of activity. With a low 2.06 Months Supply of Inventory and a -32.68% decrease over the last year, now is a great time for both buyers and sellers to make their move. #BurrRidgeRealEstate #MarketTrends

2. Attention Buyers and Sellers in Burr Ridge! ?? The Sold to List Price percentage is at an impressive 99.3%, indicating a competitive market where homes are selling close to their asking price. Combine that with a median days on market of just 51 days, and you have a recipe for success in the current real estate landscape. #BurrRidgeHomes #RealEstateStats

3. Looking to buy or sell a home in Burr Ridge? The median sold price in the area is currently $740,000, making it a desirable market for both buyers and sellers. With favorable market conditions and strong demand, now is the time to make your move in Burr Ridge's real estate market. #BurrRidgeRealEstate #MedianSoldPrice

4. ?? Market Update: Burr Ridge, Illinois ?? With a median sold price of $740,000 and a high Sold to List Price percentage of 99.3%, the real estate market in Burr Ridge is thriving. Whether you're looking to buy or sell, now is the time to take advantage of the favorable conditions in this sought-after area. #BurrRidgeHomes #RealEstateMarketUpdates

5. Are you considering buying or selling a home in Burr Ridge? The current market trends show a low 2.06 Months Supply of Inventory and a median days on market of 51 days, indicating a fast-paced market with high demand. Reach out to me, Mark Sotir, REALTOR® at Realty Executives Midwest, for expert guidance in navigating the Burr Ridge real estate market. #BurrRidgeRealEstate #ExpertAdvice

Here’s What a Recession Could Mean for the Housing Market

Recession talk is all over the news, and the odds of a recession are rising this year. And that leaves people wondering what would happen to the housing market if we do go into a recession.

Let’s take a look at some historical data to show what’s happened in housing for each recession going all the way back to the 1980s.

A Recession Doesn’t Mean Home Prices Will Fall

Many people think that if a recession hits, home prices will fall like they did in 2008. But that was an exception, not the rule. It was the only time we saw such a steep drop in prices. And it hasn’t happened since.

In fact, according to data from CoreLogic, in four of the last six recessions, home prices actually went up (see graph below):

So, if you’re thinking about buying or selling a home, don’t assume a recession will lead to a crash in home prices. The data simply doesn’t support that idea. Instead, home prices usually follow whatever trajectory they’re already on. And right now, nationally, home prices are still rising at a more normal pace.

Mortgage Rates Typically Decline During Recessions

While home prices tend to stay on their current path, mortgage rates usually drop during economic slowdowns. Again, looking at data from the last six recessions, mortgage rates fell each time (see graph below):

So, a recession means mortgage rates could decline based on the data. While that would help with affordability, don’t expect the return of a 3% rate.

Bottom Line

The answer to the recession question is still unknown, but the odds have gone up. But that doesn’t mean you have to wonder about the impact on the housing market – historical data tells us what usually happens.

When you hear talk about a possible recession, what concerns or questions come to mind about buying or selling a home?

1. ?? Attention Downers Grove Buyers and Sellers! ?? Did you know that there is currently only a 1.14 Months Supply of Inventory in our area? That's a -35.59% decrease over the last year! Now is a great time to make your move in the market. #DownersGroveRealEstate #MarketTrends

2. Looking to buy or sell a home in Downers Grove? The Sold to List Price percentage is currently at 100.5%, showing that homes are selling for asking price or even higher! With a median days on market of just 27 days, it's a hot market for both buyers and sellers. #RealEstateMarket #DownersGrove

3. ?? Just Sold in Downers Grove! ?? The median sold price for homes in our area is $490,000. Whether you're looking to buy or sell, now is the time to take advantage of these market trends. Reach out to me for personalized guidance on your real estate journey. #DownersGroveHomes #MedianSoldPrice

4. Thinking about making a move in the Downers Grove real estate market? With only a 1.14 Months Supply of Inventory, homes are selling quickly and at top dollar. Let's discuss how you can capitalize on these trends as a buyer or seller. #RealEstateOpportunity #MarketUpdate

5. As a REALTOR® with Realty Executives Midwest, I'm here to help you navigate the current market trends in Downers Grove. With a median sold price of $490,000 and homes selling for 100.5% of list price, it's a competitive market out there. Contact me for expert guidance on your real estate journey. #DownersGroveRealEstate #ExpertAdvice

Townhomes: A Smart Solution for Today’s First-Time Buyers

Buying your first home in today’s market can feel tough. Between high home prices and mortgage rates, affordability is still a big challenge. And some buyers are making one simple trade-off that’s getting them in the door faster: square footage.

According to the National Association of Home Builders (NAHB), 35% of buyers are willing to purchase something smaller to make homeownership happen. And one place you can usually find a smaller footprint (and sometimes better affordability) is in townhomes.

Why Townhomes Are Gaining Popularity

Townhomes typically cost less than single-family homes due to their more limited size. And that’s a big plus for today’s budget-conscious buyer. As Realtor.com says:

"In today's market, affordability remains a key priority for homebuyers, making townhomes an attractive option because they are often priced more reasonably than single-family homes. It makes them especially appealing to first-time homebuyers on a tighter budget . . ."

So, if you're trying to buy but feeling stuck because of rising prices, shifting your focus to townhomes could be one way to get into homeownership without maxing out your budget.

Builders Are Responding to the Demand

Builders have seen buyers’ appetite shift to smaller homes, and they’re adjusting to meet the demand. As Joel Berner, Senior Economist at Realtor.com, explains:

"Builders are making a concerted effort to provide smaller, more affordable inventory to the market in a way that the existing-home market cannot. Townhomes are a significant portion of that effort."

And the numbers back it up. According to data from Realtor.com, townhomes now make up a bigger share of new construction listings than they did just a couple of years ago (see graph below):

That means, if you’re interested in this type of house, you have more choices than you would have had over the last few years. And more options that are potentially more affordable are definitely a good thing. It should make your search for your first home a bit easier.

Is a Townhome Right for You?

If you’ve been focused only on more traditional homes with their own yards, an agent can help you explore whether a townhome could work for you. Who knows, you may find out you love the lifestyle. A lot of people do. As an article from the National Association of Realtors (NAR) explains:

“Townhomes tend to cost less than single-family detached homes and can be appealing to young professionals who may desire medium-density, walkable neighborhoods.”

That’s because they’re lower maintenance, they can provide a sense of community with other residents, and they have their own unique amenities. Not to mention, they give you the chance to start building wealth through homeownership without the upkeep that comes with having your own detached, single-family home. And that can be great for first-time buyers who are a bit worried about the maintenance anyway.

But they also come with some other considerations, like dealing with noise through shared walls. If you’re a renter right now, maybe you’re used to that already. But these are the types of things you’ll want to think about. And that’s where an agent’s expertise comes in. They’ll help you weigh the pros and cons, so you understand how a townhome fits into your lifestyle and long-term goals before making your decision.

Bottom Line

If you're struggling to find a home within your budget, it may be time to expand your search and consider options you haven’t before, like townhomes. Sometimes, compromising a little bit on space is worth it to get your foot in the door.

What matters most to you — space, location, or budget? Let’s figure out where you can flex to make homeownership happen.