Chicago home sales and prices have fallen so far in 2022

Chicago home sales and prices have fallen so far in 2022

“Despite these declines, the days remain low in the market, showing that there is still demand from buyers and a quick recovery in reasonably priced, ready-to-sale homes,” said Antje Gehrken, president of the Chicago Association of Realtors. in a statement.

In the city, homes were on the market an average of 27 days before a deal was signed, showing a 15.6% reduction in waiting times compared to the same period last year, when Chicago homes were on the market for 32 days. days.

While the Chicago area saw a decline in home sales, the average sale price for the greater area increased. The median sales price of homes in the metro area in August was $311,000, up 3.7% compared to $300,000 in the same period last year.

According to data released separately today by the National Association of Realtors, the average sale price of existing homes increased 7.7% year-over-year to $389,500, showing consistency with trends in other metro areas.

Wait times were also generally shorter in the Chicago area — the average home spent just 20 days on the market before being signed, compared to 21 days last August. Last month, Crain’s reported that homes across the metro area are still selling twice as fast as they did before the pandemic.

Market days are also decreasing across the country, with properties typically remaining on the market for 16 days in August, compared to 17 days in August 2021.

Illinois Realtors data uses the US Census Bureau definition for the greater Chicago area, which includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties.

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Source : localtoday.news

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