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 we near the closing months of 2021, the Chicagoland market shows negative trends in most data areas.
After the frenzy of the summer real estate market activity, the Chicagoland market has seen steady trends in both positive and negative directions. Recently that balance has been disrupted by a winter chill that has affected nearly all data that we consider in our reports. Compared to October of 2021, new listings, time spent on the market, and closed sales have all shown negative recent activity. However, home sales prices, have shown a slightly upward tick compared to October.
It’s A Seller’s Market: Inventory Tightens for Buyers
The number of new listings to the Chicagoland market for November 2021 was 6,664. This is quite the decrease from October’s number of 9,066 new listings. This represents a 26.5% decrease between October and November in terms of new listings.
The number of closed sales for November 2021 showed a slight decrease compared to October 2021. November had a total of 6,550 closed sales compared to October’s 7,236. This gives us a difference of 9.5% between the two months.
Sales Prices Improve Slightly While Market Time Increases
A figure that has been affected by the overall market cooling that fall usually brings is the average sales price of homes in Chicagoland. The average sales price of 2021 reached its highest point in June and has been consistently decreasing since. However, in November sales prices increased slightly, indicating a change to the market, and potentially where it’s headed.
In our previous market update for October, we noted that real estate experts speculated that increased housing prices may be due to a scarcity in homes, which has driven sales upwards and given sellers more bargaining power. This theory seems to be reinforced by November’s small increase in average sales prices in comparison to October. November’s average sales price was $393,434, while in October it was $387,250—which is an increase of $6,184.
While average sales prices have improved marginally, the amount of time spent on the market has had a mild increase. In October of 2021, the average amount of days homes spent on the market was 37, and in November it was 42 days. An increase of 5 days.
Overall…
For the last month of the year we will be very interested in seeing how the year closes out. 2021 has shown quite the year-over-year improvement compared to the turbulent market of 2020. The current market is much more of a seler’s market than a buyer’s–largely due to a decrease in inventory and slight home price increases. If you are a seller, now is a great time to sell. And if you are a buyer, be careful with your bids and negotiations because of increased competition amongst buyers.
However and wherever the market goes we’ll always be here to give you all the current data on the Chicagoland market. Check back next month for December’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 November’s Market Update will be released in mid-December.
But, if you just can’t wait until later this 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.
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?
