Chicagoland’s large, and incredibly diverse housing market is constantly evolving. We, of all people, know how difficult it is to stay ahead of the ever-changing trends. The good news? We can help! Each month, we give our readers market updates with the most up-to-date information on how the Chicagoland area is doing. Want to know how Chicagoland fared over the past month? Then just keep on reading.
Chicagoland’s housing market is heating up just in time for summer!
Last month, we were able to give our readers some great news about Chicagoland’s real estate market gaining activity in areas where figures had been declining during the cold winter months. In that same thread, we bring our readers more great news about the Chicagoland market. In all areas that we track, we have seen distinct market improvement!
Continued Improvement in New Listings And Closed Sales
In April 2022 the number of new listings for the Chicagoland market went from 8,989 to 9,792. Which gives us an increase of 8.93%. This is keeping in trend with prior months where the market has continued to grow after stalling in the middle of winter.
We also saw improvement in the number of closed sales in April 2022. In March 2022 the number of closed sales was 5,716 and in April 2022 that number grew to 6,377. An impressive increase of 11.56% for the number of closed sales in the Chicagoland market.
Average Sales Prices Continue to Rise, While Market Time Shrinks
Now for some great news for sellers! Since January 2022 we have seen listing prices climb after they dipped below the $400,000 mark. In April 2022 the average listing price for a Chicagoland home was $460,099, compared to $437,548 in March 2022. This represents an increase of 5.15%. It will be particularly interesting to see how this number continues to go, especially during the height of summer when housing prices are generally at their peak.
And finally, we have the average market time for homes in the Chicagoland area. Luckily for sellers and buyers, currently homes are only sitting on the market for a little over a month. In April 2022 homes sold in an average of 40 days, compared to 54 days in March 2022. This is quite the decrease in market time at a substantial 14 days or two whole weeks.
Overall…
As we enter the second quarter of 2022, and prepare for the hot market activity of summer, we are very interested to see how these figures will continue to go. We believe that housing prices will likely continue to rise, and time will only tell if buyers will be able to keep up with the number of homes hitting the market, especially as listing prices trend upwards.
For buyers, we still recommend moving fast when it comes to buying a home. Market competition may be rough right now, but luckily we have some tips for securing the home of your dreams by standing out from other buyers.
For sellers, luckily for you, it looks like buyers are still able to keep up with the rate that homes at hitting the market at, even with rising house prices. With competition tough amongst buyers, closing sales should be a breeze during this time.
As always, we look forward to reporting all current market data as it comes to us. Check back here in a month to see May’s market update!
Just a quick note for readers: our Market Updates are based on the results at the rear of a month and therefore, we receive our data on the 14th of the next month. So, that means May‘s Market Update will be released in mid-June.
But, if you just can’t wait until next month to learn more, I am always available to answer any questions that you may have about the Chicagoland market. Looking to buy? Or sell? Maybe you’re just trying to plan ahead? Regardless of your specific situation, I will always be here to answer questions, provide information, and give guidance when it comes to your real estate investments. Schedule an appointment with me today! I am available for phone, video, and in-person meetings at my Berwyn, IL office.
If you want to contact me directly, my phone number is: 630.460.7953.
About Gerardo Zavala, Realtor
There is a true passion for connecting people with real estate that makes me fall in love with my career over and over again. While my title says, REALTOR® I think I am much more than that. For example, I am present and actively listening to my client’s needs, on the spot when things are urgent, and by your side to say “congratulations.” Most of my clients will say that I am a connection away from support no matter the situation, day, or time. In my opinion, customer service, educating the client on progress and next steps, and overall satisfaction are my top priorities. How can I help you?
