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.
Even though it is still technically winter, Chicagoland’s real estate market has started to heat up!
Last month we saw improvement in the number of new listings but decreases in most other figures that we report on. In February 2022, we continued to see an improvement in the number of new listings to market, and are also seeing an improvement in the average listing price. However, the number of closed sales and the average market time have remained cold.
New Listings Continue to Rise, But Closed Sales See A Mild Decrease
In February 2022 we saw the number of new listings go from 5,693 in January 2022 to 6,280. This represents an increase of 10.31%, which is great news for buyers! For the past few months, we have seen the number of new listings to market decrease steadily. This growth could mean that other figures that have been affected by the market shrinkage could shift as a result,
However, unlike the new listings, we have seen closed sales continue to decrease, albeit at a mild rate. In January 2022 there were 4,408 closed sales, compared to 4,213 in February 2022. This is only a decrease of 4.42%, Although the number of closed sales has decreased, this could be due to the Chicagoland real estate market as a whole shrinking during winter. As the market continues to expand, the number of closed sales could increase as the year goes on.
Average Sales Prices Increase, While Average Market Time Grows
We have some good news for sellers! While we have seen the average sales price decrease during fall and winter, during February 2022 we are finally seeing the average sales price inch back up. In January 2022 the average sales price of homes in Chicagoland was $389,504 and increased to $399,588 in February 2022. Which gives us a difference of $10,084, or an increase of 2.59%. As the year goes on, we see the average sales price continuing to increase based on consistent year-over-year market trends.
On the other hand, we have seen the average time spent on the market for Chicagoland homes increase. In January 2022 the average number of days spent on the market was 54 days and increased to 59 days in February 2022. This is an increase of 5 days, which is actually on-trend for the Chicagoland market. Since the lowest market time of 2021, 28 days in August, we have seen the average market time increase at an average rate of 5 days.
Overall…
2022 is proving to be an interesting year for Chicagoland real estate. We’re curious to see how the market trends that we track will continue as the chill of winter wears off and the hot market activity of summer sets in. We can see several of these figures changing drastically as the year goes on.
For buyers, we highly recommend moving fast when it comes to plans to purchase a home this year, especially before interest rates and average sales prices go up. Act fast while prices remain below $400,000 on average.
For sellers, we believe that 2022 will be another great year for you. Buyer demand is still high, and now that house prices are going up, this could be a great time for you to sell.
As always, we look forward to reporting all current market data as it comes to us. Check back here in a month to see March’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 March‘s Market Update will be released in mid-April.
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?
