What’s Happening in Chicagoland Real Estate?

Let’s talk about the March 2022 real estate market in Chicagoland.

Our average sales prices went up significantly last month, almost 10%. The peak last month was $395,000. In February, the average sales price was $368,000. Our highest ever sales price was just over $400,00 in June 2021, so we are almost back to that same number.

This increase might seem weird since our interest rates just increased so much. However, understand that this average sales price is from properties put under contract 30 to 60 days ago, so they weren't affected by the increased rates. We anticipate that the average sales price will fall over the next few months.

"Our market should adjust over the next few months. "

The average days on the market went down to 58 from 66 in February. This is normal; the days on market always increases in January and February and decreases in March. It will probably continue decreasing as we head into summer.

The number of homes for sale is just over 12,000. A year ago, that figure was about 18,000. We have about a third fewer homes for buyers to buy. 15,000 new homes went on the market, and just over 12,000 properties went under contract. We’re putting inventory on the market, and it’s almost all selling immediately. Right now, we’re living in a low-inventory market, but that should change soon. There are fewer buyers because of our interest rates, so our market should adjust over the next few months.

If you’re considering selling your Chicagoland home, it’s a great time. If you want to buy, you should do that now before rates climb to 6%.

If you’re interested in buying or selling, I’m happy to have a conversation with you and answer all your questions. Just contact me.