Is Now a Good Time to Buy a Home?
According to the latest market reports foo the city of Chicago, there has been a rise in real estate prices and demand throughout the city. The average sales price for a single-family homes have held steady with a modest 1.4% increase since July of last year, and demand is higher than ever. If you’re thinking of buying or selling a home in Chicago, now is definitely the time to do it!
Market Snapshot through July 2022 – City of Chicago
- 2,453 properties were sold in the City of Chicago in July 2022. This is a 26.7% decrease from July 2021.
- The median sales price in the City of Chicago for July 2022 was $350,000, a 1.4% increase from July 2021.
- The City of Chicago saw listings average 45 days on the market until contract, a 23.7% decrease from July 2021.
- Download our Market Reports for more details.
The State of the National Real Estate Market
- The U.S. housing market has continued to cool, as rising mortgage rates and record high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.
- At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.
Housing Inventory in Chicagoland
- The City of Chicago’s inventory is down 16.3%, from 9,390 homes in July 2021 to 7,855 homes in July 2022.
- The month’s supply of inventory decreased 11.4%, from 3.5 in July 2021 to 3.1 in July 2022.