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.
Like the weather in the Chicagoland area, the Chicagoland real estate market is just as unpredictable!
In our previous report, we saw improvement in new listings and average listing price, but the other figures we track remained cold. However, March 2022 showed us just how quickly figures can change in the Chicagoland real estate market. This past month we have seen positive movements for every data point that we track—notably the number of closed sales and average market time.
Great Improvement in Both New Listings And Closed Sales
In March 2022, we saw the number of new listings for the Chicagoland area go to 8,989, from 6,280 in February 2022—which is an increase of 2,709 new listings or 41.14%. This dramatic increase to the Chicagoland market inventory is great news for buyers looking to buy soon.
In terms of closed sales, we saw a similar marked improvement in March 2022. In February 2022 the number of closed sales was 4,213, while March 2022 gave us 5,716. This represents an increase of 35.68% for Chicagoland’s closed sales. This is a great sign because it means that buyers are managing to keep up with the increases in inventory that the Chicagoland market has seen in recent months.
Average Sales Prices Continue to Rise, While Market Time Shrinks
More great news! Well, for sellers at least. In March 2022 the average sales price for Chicagoland homes rose from $399,588 in February 2022 to $437,548. This gives us an increase of 9.5%. It will be interesting to track this figure in particular as the year goes on, especially once we reach the summer months. June 2021 saw the height of the average sales price in Chicagoland at $444,993. At $437,548 in only March, we can easily see the average sales price of Chicagoland homes rising above the high point of that figure in 2021.
In the past several months we have seen the average time spent on the market increase at a steady rate of 5 days. In March 2022 we are finally seeing a decrease happen in the average number of days spent on the market. In February 2022 the average days spent on the market was 59, and in March 2022 this figure dropped to 54 days. A decrease of 5 days.
Overall…
For the second quarter of 2022, it will be very interesting to see the way that the Chicagoland market is impacted by events in the rest of the world and inflation. Because of this stats across the country are rising in unprecedented and unpredictable ways.
For buyers, we highly recommend moving quickly when it comes to plans to buy. While market inventory has grown, competition can still be fierce and interest rates may continue to rise. Lock in lower interest rates while you can.
For sellers, if figures continue to go in the direction that they have been, it looks like 2022 will be a great year for you. With buyer competition still high, sales prices up, and market time down, closing a sale could be very smooth sailing for you.
As always, we look forward to reporting all current market data as it comes to us. Check back here in a month to see April’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 April‘s Market Update will be released in mid-May.
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?
