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.
In August 2022, the Chicagoland market was just like our weather—unpredictable!
As shown in the graphic above, some of the figures that we track have improved since July 2022, while some have not. We expected the Chicagoland market figures to decline slightly from July 2022, since that type of downturn is normal for this time of the year. That normal seasonal decline is why we’re so surprised to see some of our figures improving from the pervious month!
August 2022’s Monthly Market Update Video Summary
New Listings Decrease While Number of Sales Improves
In August 2022, we saw the number of new listings go down from 10,537 in July 2022, to 9,376. This is a decrease of 10.93%. This level of decline is likely due to the normal cooling of the market during the fall and winter seasons in the Chicagoland area.
Unlike new listings, closed sales have actually gone up. We saw them climb from 6,544 in July 2022 to 6,723 in August 2022. This represents an increase of 2.74%. A modest improvement, but noteworthy considering the normal trends for this period, year-over-year.
Average Sales Price Goes Up, Average Market Time Increases Slightly
More market surprises! Just when we thought we knew the market, it throws us more curveballs. In August 2022 the average sales price for homes was $452,601, compared to $448,584. This is a difference of $4,017, or .90%. A very small increase, all things considered. But another interesting change from the previous month, July 2022, which had a decrease in average sales price compared to June 2022.
Lastly, the average market time for Chicagoland homes went up from 27 days in July 2022, to 32 days in August 2022. This is a difference of five days. This increase in market time is another example of the market cooling as the Chicagoland market goes into fall.
Overall…
While reflecting on the Chicagoland market during 2022, we can see many typical market trends. Like the market heating up during summer, and reaching some of its peaks, and then the market slowing down as the colder seasons approach. However, some parts of 2022 have not reflected those market norms. We are surprised to see market prices increasing, and closed sales being able to keep up with those numbers. As the year goes on, and closes, we are very interested in seeing where all of these figures go.
For buyers, while prices increase, buyers have been able to keep up with the market inventory. As a buyer we recommend being very proactive in your searching, and with any homes that you are interested in, so you don’t lose your dream home to another buyer.
For sellers, the current state of the market bodes very well for you. Prices have increased, buyers have been able to keep up with the market, closed sales are consistent, and market time is still not very high. If you want to sell, now could be the perfect 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 September’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 September‘s Market Update will be released in mid-October.
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?
