The usual talk of inventory and interest rates has some competition this quarter with the introduction of the Trump Administration’s tariff policies. Ultimately, there is plenty of uncertainty over the impact the tariffs will have on the residential real estate market. This helpful article from The National Association of Realtors explains how the tariffs could affect our local market.
Locally, the Elmhurst market is still strong, but we are seeing signs of a leveling off of the very favorable seller's market. We are also seeing an increase in listings and inventory and a slight slowing in appreciation in Elmhurst in the early part of 2025.
Elmhurst Monthly Inventory
Elmhurst Homes For Sale
Elmhurst Average Sales Price
If those metrics continue to adjust at a reasonable rate, we could see the local real estate market start to balance. A more balanced market can lead to more opportunities for buyers, and, if interest rates do fall, perhaps more affordability for buyers as well. This could “unlock” the “lock-in” homeowners who have found it difficult to move to their next stage in life (downsizing, upsizing, senior living, relocation) due to rising prices and the differential in their interest rate on their current home and the interest rate they would have in a newly purchased home.
Your local LW Reedy agent will be closely monitoring both the local real estate market as well as economic news affecting interest rates. Questions about interest rates, the real estate market, and your housing plans? Contact us today.
