Houses worth $500K or more slowing down?

2 Replies

I just heard from a friend's realtor that single family houses, in the western suburbs, that are priced over $500K on the MLS are slowing down. This realtor focuses in Naperville.

It seems like one of the key reasons is the cap on the SALT deductions. 

What are you guys seeing out there?

@Chris T.    Yes, I would say action on homes over $500K have been slowing down over the last 30 days unless they are in typically high end areas (Hinsdale, Oak Brook, etc).  In the nicer areas its the high end homes (over $750K) that are having trouble.  Anything that is in the top 25% price range for most areas is lingering.  Most new construction homes in higher priced areas in the last 3-6 months have had to take 15%+ price cuts to get their homes to move. 

On the other hand, affordable 3-4 bedrooms that are priced near $300,000 in areas like Lombard, Villa Park, Wheaton, etc are moving fast.  I just listed a rehabbed 3 bd/1ba in Lombard under $300,000 that is going to go under contract only 6 days after listing.