Morton Grove is seeing a relatively lean pool of homes, with 58 properties on the market in March and only 2.8 months of supply, which keeps conditions tilted toward sellers. Contract activity is solid but softer than last year, as 39 homes went under contract while pending sales slipped 11.36 percent year over year and new listings fell 17.07 percent.
Price trends are reacting to this tight inventory, with the typical home value up 3.93 percent from last year to about $450,000 and a month-over-month jump of 3.45 percent. Sellers are still testing higher price points, as the median list price climbed to $499,000 and rose 18.82 percent in a single month, even though about 25.86 percent of listings saw a price drop and the average sale-to-list ratio hovered just under full price at 0.99.
Market pace has eased, with homes spending a median of 60 days on the market in March, up 22.45 percent from the prior month and 25.0 percent from a year ago, even as roughly 28.57 percent of sales still closed above list price. Typical home values in Morton Grove also sit higher than in Cook County overall, at $450,000 versus $369,450, and are projected to edge up further to $457,500 next month. With projected inventory at 59 homes and a seller’s market gauge reading of 15, both buyers and sellers can benefit from Agent Pronto’s help in finding an agent who understands these shifting conditions.
