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.
As the first month of 2022 drew to a close, we can already see some changes to the market. Is there good news ahead for 2022?
In 2021 we saw the year end on a strong note in terms of the average sales price of homes, and number of closed sales. We also started to see a drop in the number of new listings, with the average market time slowing slightly. For the first month of 2022, we have seen some of those figures shift, likely due to the increase in buyer demand from the market shrinking in 2021.
More New Listings, But Less Closed Sales
Some good news for buyers! Despite the winter chill that we felt towards the end of 2021, we saw more new listings in January 2022, compared to December 2021. In January 2022 there were 5,693 new listings, and only 4,368 in December 2021, This is an increase of 1,325 new listings and 30.33%.
Despite the increase in new listings, we have also seen a decrease in the number of closed sales compared to December 2021. In January 2022, there were 4,408 closed listings, and 6,738 in December 2021. Which is a decrease of 34.58%. The decrease in closed listings could be due to the market shrinkage that we experienced at the end of 2021. But, with the additional 1,325 listings to the Chicago, IL area market, we could see the number of closed sales increasing soon.
Average Sales Price Drops & Market Time Increases
Some more good news for those looking to buy real estate. In 2021, we saw the average sales price of Chicagoland homes reach a high of $444,993, and since then, we have seen listing prices fall steadily—with a couple of surprise increases. December 2021 had a small increase compared to November 2021. But, we have seen the average sales price decrease once more in January 2022. The average sales price in January 2022 was $384,504, compared to $401,376 in December 2021.
We have also seen the average time on the market increase as the market has cooled during winter. In January 2022 the average number of days homes spent on the market was 54, but 47 days in December 2021. Which gives us an increase of 7 days.
Overall…
The first month of 2022 has given us some unexpected, but pleasing market activity! We are particularly interested in seeing what happens with the number of closed sales and the average sales price of homes as the year moves forward.
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 low.
For sellers, we believe that 2022 will be another great year for you. Buyer demand is still high, and house prices are likely to go back up once the winter chill is over.
As always, we look forward to reporting all current market data as it comes to us. Check back here in a month to see February’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 January’s Market Update will be released in mid-February.
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?
