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.
The Chicagoland market is starting to cool down after the crazy market activity of summer!
As can be seen from our helpful graphic above, most of the metrics that we pull for are on a decline compared to the previous month, June 2022. With consideration towards normal year-over-year market trends, this level of decline after the average high market activity of summer is to be expected. Especially after Chicagoland’s particularly strong market activity this past summer.
July 2022’s Monthly Market Update Video Summary
New Listings and Closed Sales Both Show A Decline
In July 2022, the number of new listings went down from 11,849 to 10,537. This is a decrease of 11,07%. This is representative for the normal cooling that happens to the Chicagoland market after the flurry of market activity in summer.
We also saw a decrease in the number of closed sales compared to the previous month. In June 2022, the Chicagoland market had 7,854 closed sales, compared to 6,544 in July 2022. Which is a decrease of 16.68%.
Average Sales Price Goes Down, While Market Time Plateaus
And now we have some good news for buyers! As of July 2022, sales prices have started to go down. Since market lows of 2020, home prices have steadily been increasing, with the highest prices of the year usually happening in June. 2022 has been no different. In July 2022 home prices dropped to $448,584, from $487,879 in June 2022. This is a decrease of $39,295, or 8.05%.
Finally, the average market time for Chicagoland homes has plateaued at just 27 days, This is actually great news for sellers, because it shows that buyers are still purchasing homes, keeping up with market demand, and that market competition is still high.
Overall…
So far, the third quarter of 2022 is starting to look cool in comparison to the hot market activity of the second quarter. We believe that this is normal for this time of the year. We also believe that while some figures are declining, there is still strong market activity happening all the time. As the year goes on, it will be interesting to see if home prices continue to drop, and what choices buyers and sellers make as a result.
For buyers, while market competition is still high, home prices are starting to go down. Hesitant buyers may want to wait and see if prices continue to go down and if market competition decreases to lock in the best price—without a chance of bidding wars upping the cost.
For sellers, luckily for you, market competition is still very strong. And while home prices have started to go down, buyers are still very motivated to close, bidding wars have become more common, and homes are still selling in just 27 days on average as a result.
As always, we look forward to reporting all current market data as it comes to us. Check back here in a month to see August’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 August‘s Market Update will be released in mid-September.
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?
