Is the Chicago 2022 housing market in a correction?
Are we experiencing Temporary Covid Blues?
Maybe…
Almost universally, the new listings and inventory for most Chicago neighborhoods in January 2022 has fallen 50% from the same time last year. Closed listings, median prices, and even showing requests are way down also.
Its to soon to tell though. First, winter is always the slowest season and it might be unfair to compare it to the busiest winter in history of 2021-22. More importantly, the time period measured includes the peak of the Omicron wave. My guess is sellers and buyers were not too eager to venture out during this time.
On the other hand, interest rates on the 30-year fixed rate rose a full percentage point.
So its hard to tell what 2022 will look like, but we will have a much better idea once the weather warms and Covid restrictions end in February and March.