Year in Review 2024 Letter December 2024
Dear Friends and Colleagues,
It’s that time of year again where I take a moment to reflect on an extraordinary year in real estate. This marks my 3rd annual letter, and I am excited to share what made 2024 such a momentous year for all of us.
In August, significant changes to real estate laws took effect, creating a new dynamic for consumers and realtors alike. Buyers are now required to sign written agreements with their agents before touring homes, outlining compensation terms and fostering transparency. Additionally, offers of compensation are no longer displayed on MLS platforms, shifting the negotiation process to private consultations. While these changes required swift adaptation, they ultimately empowered consumers with greater choice and control. As always, our team rose to the occasion, guiding clients through these adjustments with clarity and expertise.
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." ― Charles Darwin
2024 was a banner year for Helen Oliveri Real Estate. We closed almost 125 sales, solidifying our place as one of the top brokerages in Lake County. Our team’s hard work and dedication have earned us a reputation as leaders in the industry, and we are proud to be recognized as one of the top brokers in the area.
This year, we also had the privilege of celebrating our team’s success with several awards. From Rookie of the Year to Rising Star, Salesperson of the Year, and Team Ambassador, our team’s exceptional contributions were recognized and celebrated. We also awarded our sponsors with Platinum, Gold and Silver awards. One of the most special moments of the year was awarding the prestigious Award of Excellence to one of our office team members who has been with us for over a decade. Their commitment to our mission and values has been invaluable, and we are grateful for their unwavering dedication.
New construction was a shining star in 2024, addressing the needs of buyers facing limited resale inventory. I’m thrilled to share that we’ve nearly sold out of the new construction homes in the Channahon Town Center, a major milestone for our team and our clients in the South Suburbs of Chicago Illinois. Additionally, we forged a powerful partnership with Lennar Homes, collaborating on multiple large-scale projects throughout the Northern Suburbs of Chicago Illinois. For me, this feels like a full-circle moment. When I started my real estate career 23 years ago, I focused heavily on new construction, and here we are again, bringing that same passion and expertise to the forefront. It’s incredibly rewarding to help build communities, quite literally, while supporting our buyers and sellers through these transformative opportunities.
Giving back to our community has always been a cornerstone of our mission, and this year was no exception. Our events throughout the year, including our cherished holiday VIP Client Appreciation Event, which allowed us to connect with and express gratitude to the people who have supported us on this journey. Moments like these remind us why we do what we do—real estate is not just about transactions; it’s about building relationships and creating lasting impact.
Can you believe it’s been eight years since I launched Helen Oliveri Real Estate as an independent brokerage? While in business for almost 23 years, I vividly remember the uncertainty of those early days going off on my own and the immense challenges we faced, including a global pandemic and fluctuating markets. Yet, through every obstacle, we persevered, learning, growing, and evolving along the way. This year has been no different. The inventory shortage continues, interest rates remain unpredictable, and new construction is leading the way in addressing buyer needs. While the landscape of real estate is ever-changing, one thing remains constant: our commitment to being the very best for our clients and partners.
"Success usually comes to those who are too busy to be looking for it." ― Henry David Thoreau
As I look ahead to 2025, I do so with optimism and gratitude. Thank you for your trust, loyalty, and support, which inspire me and my team every single day. Here’s to continued success, growth, and resilience in the year to come. Now let’s talk more real estate and dissect the real estate market.
Market Madness…
The real estate market in 2024 was marked by a series of challenges and opportunities, reflecting ongoing shifts in the economic landscape. One of the most significant factors was the adjustment to interest rates. While interest rates began the year on the higher end, they showed signs of stabilizing toward the second half. This created a market environment where affordability remained a concern for many buyers, but the overall trend toward lower rates offered a glimmer of hope for those looking to enter the market or refinance.
Another key dynamic in 2024 was the continued inventory shortage, a trend that has persisted in recent years. With fewer homes available on the market, demand remained strong for new construction, particularly in suburban areas. Builders found success in meeting the needs of buyers seeking fresh options, while resale inventory remained constrained. The supply-demand imbalance drove home prices higher in certain markets, particularly in areas with high demand for new homes, such as Lake County.
Projections
The November 2024 Housing Snapshot by the National Association of Realtors paints an exciting picture of growth in the real estate market, and it’s setting the stage for a strong 2025. Existing home sales have reached a seasonally adjusted annual rate of 4.15 million, showing impressive gains of 4.8% month-over-month and 6.1% year-over-year. This is great news for both buyers and sellers, as the housing sector continues to thrive.
Inventory levels are gradually improving, with a 3.8 months’ supply compared to 3.5 months in November 2023. While inventory is still tight, this slight increase is a step in the right direction for buyers looking for more options.
Median sales prices have climbed to $406,100, a 4.7% increase year-over-year, which speaks to the ongoing demand and competitiveness of the market. For sellers, this means now is a fantastic time to list your home and maximize your value. Buyers, this also highlights the importance of working with an expert to help you act quickly in such a fast moving market.
Predictions, Expectations and Anticipation…
I bet you are wondering what we can predict, expect and anticipate for the 2025 real estate market. It’s still a volatile time where inventory shortage, rising prices and pent-up demand influence sales more than ever. Inflation has also affected the market where we are heavily influenced by the cost of goods and how expensive it is to just live in today’s world. Housing is always affected by inflation, interest rates and the global economy. Realtor.com tracks data and that show us what we need to know to navigate the market challenges, demands and expectations.
Realtor.com is predicting a continued rise in home prices over the next couple of years. After a surprising 2023, with home prices growing despite high mortgage rates and increased inventory, they expected 4% growth in 2024. In 2025, the pace will slow to 3.7%, with slightly lower mortgage rates but a significant increase in inventory (11.7%). The added supply may slightly offset the price growth, even as mortgage rates ease. This could create a more balanced market, but still offers opportunities for both buyers and sellers.
Mortgage rates are expected to remain steady in 2025, keeping mortgage payments relatively unchanged despite rising home prices. If the anticipated economic growth under a potential Trump administration materializes, we may see an increase in incomes. Additionally, promised tax cuts could boost disposable income, making homes more affordable. However, the overall affordability will depend on how other policies impact the cost of goods and services. It's something to keep an eye on as we head into 2025.
Realtor.com predicts a slight increase in home sales in 2025, with a 1.5% rise from 2024, bringing the total to 4.07 million sales. Their data shows that both buyers and sellers are highly responsive to changes in mortgage rates. For example, when rates dipped to 6.08% in September 2024, new listings jumped by 11.6%, and home sales followed with a 9.9% increase the next month. This suggests there's a pent-up demand in the market that could be unlocked as rates fluctuate. It’s something to watch closely in the coming year!
In 2024, the housing market saw a boost in inventory, and Realtor.com expects a further 11.7% increase in 2025. October 2024 had the highest number of active listings since 2019, with inventory set to grow, though at a slower pace than 2024. By 2025, inventory will still be 23% below pre-pandemic levels, a significant improvement from last year’s 40% shortage.
Higher mortgage rates will limit early-year inventory growth, but we expect a stronger increase by spring. While mortgage rate lock-in remains a factor, fewer homeowners have sub-6% rates, with that share expected to fall to 75% by 2025.
While we anticipated a shift in both mortgage rates and home prices in 2024, that hasn’t happened as expected due to persistently high mortgage rates and a strong economy. With the election of President-elect Trump and a Republican-led Congress, our mortgage rate forecast has been adjusted upward. Stronger economic growth, increased fiscal spending, and higher inflation from potential tariffs and tax changes are all factors in this shift.
However, there’s still uncertainty around which policies will be prioritized and whether they align with campaign promises. These details will be key in shaping the future outlook for mortgage rates.
Let’s talk local numbers….Lake County MARKET UPDATE
The real estate market in Lake County is showing strong signs of growth, and I’m excited to share the latest trends. While we’ve seen a slight dip in closed sales in November 2024 compared to last year, the year-to-date figures reveal just a small decline of 2.0%, which is a positive shift. The biggest news for sellers is the median sales price, which has jumped 10.3% in November, reaching $375,000, and is up 7.1% year-to-date. Inventory has stayed fairly stable, with only a small increase in homes available for sale. Days on market have ticked up a bit in November, but overall, homes are still selling faster than last year, with days on market down 4.3% year-to-date.
Cook County MARKET UPDATE
In Cook County, the real estate market also saw notable changes from last year according to Illinois Realtors . The median sales price grew by 10.3%, reaching $336,500, showing steady appreciation in home values. Closed sales for November increased slightly by 1.3%, totaling 3,403, while year-to-date closed sales dipped by 2.9%, suggesting a slower overall pace in 2024 compared to the previous year. The inventory of homes for sale shrank by 6.7%, tightening the market, but the average days on the market rose only slightly by 3.7% to 28 days. These shifts indicate rising property values amidst an increasingly competitive environment for buyers.
Grundy County MARKET UPDATE
Grundy County has experienced substantial growth in its real estate market over the past year as shown by the data provided by Illinois Realtors. The median sales price surged by an impressive 30.6%, rising to $305,000, which reflects a significant increase in property values. Closed sales also jumped by 15.9%, indicating a heightened demand for homes in the area. Inventory levels expanded by 23.2%, providing buyers with more options, although homes are taking longer to sell, with the average days on the market increasing by 26.3% to 24 days. This combination of rising prices, increased sales, and growing inventory paints a picture of a robust and dynamic housing market in Grundy County.
Where Helen Oliveri Real Estate is today
As 2024 ends, we reflect on a year of incredible progress and success. From embracing innovative marketing strategies to expanding our team, this year has set us up for an even brighter future. We’ve strengthened our foundation and positioned ourselves for continued growth in 2025, with a renewed focus on cutting-edge technology and delivering the highest level of service to our clients.
Our team has immensely grown, and coverage of real estate markets has radically expanded. While still heavily focused on Hawthorn Woods, Long Grove, Kildeer, Lake Zurich and all of Lake County Illinois, it’s exciting to have a South Suburban Chicago Illinois expansion team giving us dominance and presence in those markets too. We are officially a licensed brokerage in another state and those announcements are slated for 2025. We can’t wait so stay tuned!
Our commitment to growth has been reflected not only in the expansion of our team but also in our strategic efforts to stay ahead of industry trends. Each team member brings unique expertise, and with the addition of new brokers and support staff, we are more equipped than ever to meet the evolving needs of our clients. This growth allows us to offer even more personalized, seamless experiences for every client.
Looking at 2025, we are committed to three core values that will drive our success:
Empowering Success for All: Our team’s success is built on collaboration, and we continue to tailor our services to ensure that your real estate goals are met with integrity, trust, and a commitment to excellence.
Driving Innovation and Growth: As we expand, our focus remains on integrating innovative tools and strategies that make the real estate process easier and more efficient. This forward-thinking approach positions us as leaders in the industry.
Leading with Excellence: Our commitment to being the best in the business is unwavering. In 2025, we will continue to set new benchmarks in the market, ensuring our clients receive world-class service at every step of their real estate journey.
With the support of my incredible team and my family, I am excited for what lies ahead. Your trust and partnership have been key to our success, and I am confident that together, we will continue to achieve great things.
From all of us at Helen Oliveri Real Estate, we wish you a joyful holiday season filled with peace and prosperity. Thank you for being part of this amazing journey, and here’s to a successful 2025!
Happy Holidays and Happy New Year!
Best Regards,
Helen Oliveri
Designated Managing Broker Owner
Helen Oliveri Real Estate
101 W. Gilmer Road
Hawthorn Woods IL 60047
847.967.0022