Chicago March 2022 Market Update │ Real Estate News
With the country’s rising costs of inflation, the global pandemic, and troubles in Eastern Europe have led to prices shooting up across the board. Couple this with the Fed increasing their interest rates, all this has caused worry for many we are in danger of hitting another housing bubble.
The good news is, though these signs can be worrisome, looking at trends and statistics for the past few years shows us that we are still on the upswing with demand being higher than ever. We took a look at multiple sources of reporting for the Chicago real estate market and analyzed the positive and negative trends that we should prepare for. Stay informed and take a minute to review some of the industry trends in our Chicago March 2022 Market Update.
Chicago March 2022 Market Update: Stats
According to recent MLS and market studies, nationwide the average number of homes sold has fallen about 2.3%, while listing & sold pricetags rose 15.4% to $350,000, on average, from a year ago. To put it in perspective, this would be the 119th month in a row that prices have increased year-over-year.
Meanwhile, inventory experienced more shrinking, down roughly 16.5%. In comparison, the average number of days on the market shrunk slightly, from 21 to 19 days overall nationwide.
In contrast, Chicago saw a 7.2% increase in home sales during January 2022: a very substantial difference & contrast compared to a decrease of about 2.3% nationwide. Chicago’s inventory also sharply dipped over the past year, about 32.7%. So it goes without saying, Chicago’s demand remains higher than ever with inventory remaining lower than normal.
The median sales price for residential listings in the marketplace reached the highest weekly level since August 2021. About a 4% weekly increase and a 5% annual bump pushed average Chicago prices to $295,000. Looking below you can see some up-to-date charts visualizing these data points.
Chicago March 2022 Market Update: Visualized
Chicago March 2022 Market Update: Takeaways
Even though we may see a big drop off in the inventory available in the Chicago market, sale & rent prices are keeping up with this demand making not only Chicago but the entire industry a seller’s market at the moment. Though this might make potential homeowners nervous about the process, even with the lack of inventory – more homes are being sold this year than the two previous years. Showing us that consumer confidence is strong regardless of the current temporary factors in the market.
If these trends spark your interest, maybe it’s time to think about selling your home. The opportunity to get top dollar for your property has never been better, so visit our Home Valuation page to receive a FREE report on your home’s value!