Your February 2022 Chicagoland Market Update

Today I’m going to go over what happened in the Chicagoland real estate market in February 2022:

• The average sales price last month went up 2% to about $370,000. If we compare February 2021 to February 2022, sales prices have gone up 10%. That’s great for sellers.
• The average days on market went up to 66. This is normal; we usually see the days on market increase between December and February. Next month, we should see this number drop.
• The average number of home sales is down 33% from February 2021 to just under 12,000. There aren’t a lot of homes out there to buy, but great buyers are still winning properties. It’s a good time to look for a house before interest rates increase.
• The list to sales price is up to 98.5%. That means when a property is listed, it sells for 98.5% of its asking price on average. Keep in mind that this only applies if you price your property reasonably.

If you have any questions about these stats or real estate in general, feel free to call or email me. I would love to help.