Curious about what’s heating up the housing market this November? In this video, I’ll dish out the latest market trends, uncover why homes are selling faster than ever, and share what’s driving price growth in the western suburbs. Plus, with 2025 just around the corner, I’ll preview what experts predict for mortgage rates, home prices, and sales next year. Whether you’re buying, selling, or just watching the market, this update has all the details you need.
Eric Andersen, B.A., M.Div.
Owner/Designated Managing Broker, Andersen Realty Group
📲 Text/Call: 708.674.6725
📩 Email: eric@eandersenhomes.com
🌎 https://www.ericandersenhomes.com
Did you enjoy this video or find it helpful? If so, be sure to 𝐋𝐈𝐊𝐄, 𝐒𝐇𝐀𝐑𝐄, & 𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄 to my channel.
Want to know what your home is worth?
https://www.ericandersenhomes.com/go/home-value/
Looking for homes for sale? Search the entire MLS on my website: https://www.ericandersenhomes.com/homes-for-sale/
Or, better yet, contact me directly for help with buying or selling a home: https://www.ericandersenhomes.com/contact/
Read my reviews:
Google: https://www.bit.ly/andersenrealtygroupgooglereviews
Zillow: https://bit.ly/andersenrealtygroupzillow
I have a number of awards and designations, including:
⭐️ Gold, Diamond, & Platinum Sales Award (Mainstreet Organization of REALTORS®)
⭐️ 20 under 40 (Mainstreet Organization of REALTORS®)
⭐️ Endorsed Local Provider (RamseyTrusted)
⭐️ Best of Zillow
⭐️ Pricing Strategy Advisor (National Association of REALTORS®)
⭐️ Certified Staging Consultant (Mainstreet Organization of REALTORS®)
⭐️ Accredited Buyer’s Representative (ABR®)
Transcript:
The housing market this November is serving up a feast of surprises. Homes are selling faster than a pumpkin pie at Thanksgiving dinner, and prices continue to rise across the board. Mortgage rates are still unpredictable, leaving buyers and sellers wondering what comes next. And with two thousand twenty-five just around the corner, big changes could be on the horizon. I’m Eric with Andersen Realty Group, and in this video, we’ll start by looking at the latest market trends in the western suburbs of Chicago. After that, you’ll want to buckle up for a ride on the real estate rollercoaster, and then we’ll finish up by looking at the national market trends and preview what experts are forecasting for 2025.
We’ll start with the western suburbs. Burr Ridge is the turkey on this year’s market table—big, impressive, and in demand. The average home price is one million one hundred eighty-five thousand dollars, up twenty-two percent from last year. Homes are selling quickly, with a median market time of just fifteen days. If you’re buying, you’ll need to act fast. Sellers can sit back and enjoy the gravy.
If Burr Ridge is the turkey, Downers Grove is the cranberry sauce—bright, classic, and a great crowd pleaser. Homes in Downers are selling in just eight days, with an average price of six hundred thirteen thousand dollars, up a healthy eight percent from last year. Downers has broad appeal, making it popular with families, professionals, seniors, and everyone in between. Buyers need to treat Downers Grove like Black Friday. Get in line early, and sellers can expect strong offers and plenty of interest.
If Burr Ridge is the Turkey and Downers Grove is the cranberry sauce, Naperville is like the stuffing: a classic that’s always in demand. Naperville homes are averaging seven hundred fifty-six thousand dollars, up eleven percent from last year, and, like in Downers Grove, they’re selling in eight days. Naperville offers a great mix of space and amenities, including a robust downtown and award-winning schools, making it a popular choice. Sellers are in a strong position, and buyers should be ready to compete.
Next up is Lemont, which, like mashed potatoes, is affordable, satisfying, and dependable. The average home price is six hundred sixteen thousand dollars, up ten percent from last year, with homes selling in a median of fifteen days. Lemont is a great choice for first-time buyers or anyone looking for value without compromising on location.
And finally, we can’t forget the pumpkin pie. Like the classic dessert, Western Springs is the perfect end to our local market feast. Homes in Western Springs average nine hundred fifty-six thousand dollars, up eleven percent from last year, and they are selling in eight days. The housing market in Western Springs combines luxury with speed. Buyers need to act quickly, and sellers can expect strong results.
What does this all mean? It means this November, the western suburbs are hotter than your Thanksgiving oven. All of these markets are showing double-digit price growth, and many are selling in a median of only eight days, and several are going after only a day or two. Burr Ridge leads the way in price growth at twenty-two percent, while Downers Grove, Naperville, and Western Springs have the lowest market times. No matter where you’re looking, it’s a competitive market.
Turning our attention to mortgage rates, they’re a little like your Thanksgiving guests—unpredictable, and a little chaotic. There are a few factors driving the swings. First is the election. It’s normal for markets to react to potential policy changes and budget concerns. Just like figuring out who gets the drumstick, there’s a lot of uncertainty. Hopefully that settles down into 2025. Another factor behind the current rate volatility is the Federal Reserve. Inflation has been cooling, which is good news, and more rate cuts are expected next year. As of this recording, markets have priced in about a 50/50 chance that the Fed cuts rates in December. But for now, rates are bouncing around like my nephew after one too many slices of pie. Rates matter for both buyers and sellers because even small changes can make a big difference in terms of affordability. Stay informed and be prepared to act quickly.
Stepping back and taking a look at the national picture, here’s what’s happening. In terms of inventory, more homes are coming onto the market now than we saw last year, but the overall supply is still tight. Think of it like a Thanksgiving table where you’re not sure if there are enough sides to go around. Prices have been rising, and while experts see this trend continuing, they expect a more moderate, two to four percent growth into 2025. While prices aren’t coming down, it’s a much healthier pace than the rapid increases of the past few years. Transaction volume has been low, but this is expected to rise by about nine percent next year. In other words, more buyers are expected to enter the market, especially as we start to see more inventory and lower mortgage rates, both of which are desperately needed.
Finally, let’s look ahead to 2025. There are some promising ingredients, not the least of which is the expectation for lower mortgage rates. Many experts are saying rates could drop to around five or five and a half percent. This would make housing a lot more affordable and bring a lot more buyers to the table. And while price growth is expected to continue, economists are projecting this to happen at a slower and steadier pace. Sellers will remain in the driver’s seat as 2025 begins, but gradually, we expect the year to bring more balance to the market, especially if mortgage rates drop and stabilize. Buyers have been looking for relief, and they may finally get some next year.
So as we head into the holiday season, you should know that homes are selling quickly, and prices are still increasing. Demand remains strong despite the unpredictability of mortgage rates, and there’s no sign of demand slowing down. If you’re a buyer, it’s important to get preapproved and be ready to act if you’re serious about buying. If you’re a seller, the market is still excellent. High demand, quick sales, and rising prices are all working in your favor. If you have any questions about the market or making a move, reach out. Whether you’re ready to sell or buy a home or just planning ahead, I’m here to help. I’m Eric with Andersen Realty Group, a family-owned brokerage where we treat our clients like family.