When will inventory loosen up on North Shore? (Chicago, Oak Park: renting, new home)

[AdmiralAdama]

Trying to get into Highland Park/Glencoe but, alas, inventory seems to have dried up considerably in a matter of months.

Any ideas on the state of inventory? We are thinking about renting for a while if we foresee severe troubles finding our little dream house.....

[Chicagoisthebest]

Admiraladama, Have you checked wilmette or north brook they seem to have a lot of inventory.

[Hiruko]

Originally Posted by AdmiralAdama

Trying to get into Highland Park/Glencoe but, alas, inventory seems to have dried up considerably in a matter of months.

Any ideas on the state of inventory? We are thinking about renting for a while if we foresee severe troubles finding our little dream house.....

What price bracket? I don't expect things to return to something more normal until society returns to something more normal. A lot of people have withdrawn their homes from the market because of COVID fears, and many people are trying to jump in to take advantage of interest rates, locally depressed home prices, and move into larger spaces.

[NYEddy]

Give it a year to 1.5 years. In all honesty, I'm going to laugh when all these new homeowners get their property tax bills. Especially after they raise assessments on themselves, effectively.

My guess is in the 3 to 5 years, they will be giving homes away again on the North Shore. It will be Oak Park 2.0.

[AdmiralAdama]

Price Bracket not as important as house. Anything from 500K - 1M

[AdmiralAdama]

I have and they do have more. Just feeling HP/Glencoe more.

Originally Posted by Chicagoisthebest

Admiraladama, Have you checked wilmette or north brook they seem to have a lot of inventory.

[Grlzrl]

I suspect you will see a lot of inventory in Deerfield/HP soon. The teachers are refusing to go back to school.

[Hiruko]

Originally Posted by AdmiralAdama

I have and they do have more. Just feeling HP/Glencoe more.

Glencoe and Highland Park are fairly different communities. There's not a lot of cross-shopping the two. Highland Park and Deerfield are more similar markets. Highland Park still has quite a selection of homes between $500k and $1mil. Perhaps you were spoiled by the number of listings you used to see 2 years ago? There still aren't enough Millennials to buy these Boomers' dated and overpriced homes. So, in coming years, I expect things to drift toward the way that things used to be—something resembling normal.

Originally Posted by Grlzrl

I suspect you will see a lot of inventory in Deerfield/HP soon. The teachers are refusing to go back to school.

The sociopolitical demographic attracted to Highland Park and Deerfield, and Highland Park, in particular, tends to sympathize with the COVID-19 doomsdayers and union goons.

[Justabystander]

Originally Posted by AdmiralAdama

Trying to get into Highland Park/Glencoe but, alas, inventory seems to have dried up considerably in a matter of months.

Any ideas on the state of inventory? We are thinking about renting for a while if we foresee severe troubles finding our little dream house.....

Pickings are few in Chicagoland. This is the lowest inventory since 2008, and getting worse. Make a friend in a realtor, and wait for the right house to come on the market.

[Sarah H.]

Th market usually gets flooded with new listings after the Super Bowl/ the first week in March. It varies a bit every year. But this year is of course different. Good luck! Both communities are great but "feel" very different.