What You Need to Know About the Housing Market in Chicago, IL, in 2022
Buying or selling homes this year? Here are a few things you need to know about the housing market in Chicago, IL, in 2022.
Housing market trends and forecasts
Following the increase in home sales in November last year, the buyer demand remained strong while the number of available properties fell, according to Illinois REALTORS® data. Additionally, the overall number of houses sold in the state (including single-family homes and condominiums) increased by 0.8 percent to 14,716 units, up from 14,600 the previous year. Homes have also sold on an average of 30 days statewide from 41 in November 2020.
In the nine-county Chicago area, closed sales were up by 1.2%. The median sales price also rose from $269,000 to $290,000, a growth of 7.8%.
Year-over-year, the number of available units declined by 31.3%, from 25,847 to 17,761 units for sale. The Days on Market Until Sale dropped by 18.2%, from 33 to 27.
On top of that, Chicago has also continued to be one of the hottest rental markets in the US.
Looking through the future
Home values in Chicago have risen 8.6% in the last year and are expected to climb in the coming year. According to Zillow's housing forecast for Chicago, Cook County, and Chicago MSA, supply and demand dynamics would certainly push prices higher until November 2022.
The good news for home buyers is that mortgage rates are still low. In fact, it’s the right time to buy and sell in the market. The city of Chicago currently has a higher inventory than the rest of the country. Buyers may be in a favorable position to negotiate a better deal with the seller and reduce the price to a more reasonable level.
With all that being said, it seems that Chicago is heading to a positive year.
Looking for a trusted realtor in Chicago, IL?
Chicago is known for many things. The food, tall skyscrapers, passionate sports team, and job opportunities. Most of all, lots of affordable homes in Jefferson Park, Edison Park and Portage Park!
If you’re planning to sell or move in soon, please do not hesitate to reach out to Realistic Realty, LLC. To speak with a team member, just give us a call at 773-671-6857 or contact us online.