Chicago July 2022 Market Update
Posted by Ri Prasad on Thursday, August 18, 2022 at 8:16 AM By Ri Prasad / August 18, 2022 Comment
MARKET SNAPSHOT — CITY OF CHICAGO
*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.
- 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.
STATE OF THE 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.
- 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.
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