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 Chicago and its suburbs are doing. Want to know how Chicagoland fared over the past month? Then just keep on reading.
The Chicago and suburb market continues to cool down as we enter the final quarter of the year.
As with September’s market report, we continued to notice downward market trends in October 2022 for the Chicago and suburb area. We do expect this level of market decline as the year goes on, especially after the yearly market peak of June 2022. In this month’s market report we’re going to see how much these figures dropped, and how exactly these market changes are going to affect you as a buyer or seller.
October 2022’s Monthly Market Update Video Summary
New Listings and Closed Sales Both Decline In October 2022
In October 2022 the number of new listings dropped from 8,852 in September 2022 to 7,688. This represents a decrease of 13.15%. From our experience, this level of decline in the number of new listings to the market is normal, in terms of year-over-year market figures.
We also saw the number of closed sales in the Chicago and suburb area decrease with 4,797 closed sales in October 2022, compared to 5,793 in September 2022. Which gives us a decrease of 17.19%.
Average Sales Price Drops, While Market Time Lengthens
Keeping in trend, the average sales price also decreased in the Chicago and suburb area, going down from $422,695 in September 2022, to $406,180 in October 2022. This is a decrease of 3.91% or $16,515.
In September 2022 the average market time to sell a home was 38 days, which increased to 44 days in October 2022. This is an increase of 6 days, which is keeping in line with the trend in this category. Since July 2022, the average market time has been increasing by an average of 5 days during each subsequent month.
Overall…
While not over quite yet, 2022 has been quite the year in terms of tracking Chicago and suburb area market trends. We have seen the market highs during the summer months, particularly June 2022, to the market lows—which we are getting closer and closer to as the year goes on. During this final quarter we are interesting in seeing if the market continues to decline at a steady rate or if any unexpected market activity will throw us for a loop. Either way, we will always be here to give you a breakdown on the figures, and our expert advice for your situation.
For buyers, This is a great time to buy. The average sales prices have only gotten lower, and the figures show less buyer competition. This will mean you can likely get the house you want, for the price you want, without a chance of a bidding war.
For sellers, Homeowners can certainly benefit from listing now. Since average sales prices are low, it will attract buyers to your home, which could mean multiple offers for you, and more leverage in negotiations.
As always, we look forward to reporting all current market data as it comes to us. Check back here in a month to see November’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 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?