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 shows signs of slowing down as we head into the final quarter of the year.
In the figures that we track each month, we noticed a trend of decreases in September 2022. This level of market decline as the weather gets colder is normal in looking at figures year-over-year. In this month’s report, we’re going to break down how these drops will affect you as a buyer or seller, and what your next moves should be in the current Chicago and suburb market climate.
September 2022’s Monthly Market Update Video Summary
Drops in Number of New Listings & Closed Sales
In September 2022, we saw the number of new listings decrease from 9,376 in August 2022, to 8,852. This is a decrease of 5.59%. We believe that declines in real estate figures going into the final quarter of the year are expected. Year-over-over we see that market activity is at its highest during the summer months and steadily goes down as winter approaches.
In September 2022 we also saw the number of closed sales decline. In August 2022 there were 6,723 closed sales in the Chicago and suburb area, and 5,793 in September 2022. This is a decrease of 13.83%.
Average Sales Price Declines While Average Market Time Increases
As with our other figures, we also saw a downward trend in the average sales price in the Chicago and suburb area. In August 2022 the average sales price was $452,601, and $442,695 in September 2022. This is a decrease of 2.19%.
Finally, the average market time for Chicago and suburb homes increased from 32 days to sell in August 2022, to 38 days in September 2022. This is a difference of six days. This slowing of the market is representative of normal market trends as we transition into the final quarter of the year, and the winter months ahead.
Overall…
Well, 2022 has certainly thrown us a lot of curveballs! Tracking the market activity throughout the year so far has been quite the rollercoaster. From the market highs in June, which saw the averages sales price increase to $478,879! A surprising figure for sure. And, as the year, has gone on, we have seen those figures steadily decreasing, with some surprises along the way. Going into the final quarter of the year, we will be very interested in seeing the rate of decline for these figures, and if 2022 has any more surprises for the Chicago and suburb market.
For buyers, we believe this could be a great time to buy. Average sales prices are the lowest they’ve been in months. Also, market activity has decreased which shows less competition amongst buyers, and less of a chance of a buyer bidding war.
For sellers, Homeowners will benefit from listing their properties right at market value to attract the most amount of buyers at the start of the listing. Even multiple offers giving you 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 October’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 October‘s Market Update will be released in mid-November.
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?
