2022 REAL ESTATE MARKET REPORT
Every year third-party organizations analyze huge amounts of data in order to generate & publish an annual market report on some important to know stats from the previous years. Analyzing trends locally and nationwide they are able to provide the Chicago real estate world an understanding of past trends as well as realistic expectations on what’s to come.
2022 REAL ESTATE MARKET REPORT: HIGHLIGHT STATS
- The inventory of homes for sale remained low, as home seller activity did not rise proportionally to meet this demand.
- The number of homes available for sale in 2021 was lower than in 2020 by 33.6%.
- On average, sellers received 98.5% of their original list price at sale, a 2.5% year-over-year increase.
- Detached Single-Family home prices were up 14.7% compared to the previous year. Attached Single-Family home prices were up 11.6%.
2022 REAL ESTATE MARKET REPORT: DATA TAKEAWAYS
Low inventory has led to a largely seller’s market, compared to a year ago there was an abundance of homes for sale. This trend is supported by a nearly a one-third drop in houses on the market as well as by the overall increase in the home price listing & sold prices. This is driven by demands that are still very high from a year ago when waves of people started moving during the pandemic, we are likely still seeing parts of this trend play out.
We have seen interest rates raise as expected making things a little harder on buyers than a year ago, but they are still relatively good given the rates of inflation occurring currently.
MRED is a very commonly used tool in the Chicago real estate market and is a trusted source of reliable industry data that guides real-life business decisions and behaviors. If you are familiar with the Multiple Listing System (MLS) then you know this is where all real estate property listings live, thus MRED provides a Midwest-specific system with the same data.
The benefit to working with MRED is our agents at Pearson Realty Group are constantly learning, analyzing, and better understanding market trends & data. This gives our teams the skills to look at the bigger picture when it comes to changes in interest rates, inventory, and roadblocks that may come their way. Our agents are constantly expanding their continued education and the InfoSparks 2022 Real Estate Market Report is a key part of this process.
Trying to understand these complex trends can be frustrating and confusing on your own – so if you’re thinking about purchasing a new home or selling an old one we are here to answer any questions you may have. Check out our neighborhood page to see our most up-to-date market stats on Chicago’s up-and-coming neighborhoods then drop us a line anytime!