Recently, we’ve seen a noticeable shift across the country: in Mid-Q3, the price per square foot declined year-over-year in 36 out of the 50 largest U.S. metro areas. Nationally, this measure was down about 2% from last year, continuing a 10-month trend of gradual softening. For those of us closely following the market, this signals that some of the heat is coming out of what had been a frenzied pace, especially in places that surged during the pandemic. Sellers are adjusting their expectations—sometimes cutting prices more aggressively—to meet buyers where they’re comfortable, all while high mortgage rates continue to put pressure on affordability. Inventory, too, is now higher than pre-pandemic levels in many boom-era markets, leading some of those areas to give back part of their pandemic gains. Having spent decades helping clients navigate changing conditions in Lake, McHenry, and Cook Counties (as well as southern Wisconsin), I’ve learned that understanding these trends is crucial—whether you’re settling your family or considering an investment. Staying informed and looking at the bigger picture helps us all make sound decisions, no matter where the market stands.
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