Chicago Real Estate Market Update July 2022
What’s going on in the Chicago Real Estate Market
The Chicago real estate market is often in the news. But unfortunately, by the time you read about the latest Case-Schiller report in the news, the market may have changed. But, good news: we have access to up-to-the-minute housing market data, along with boots-on-the-ground intel from working with active buyers and sellers in Chicago and the suburbs. Let’s get into it, shall we?
A Quick Summary of the Chicago Real Estate Market
- Home prices: Chicago home prices increased by 5.2% from July 2021 to July 2022.
- The market: Chicago is still a strong seller’s market right now, but buyers have slightly more market power than they did a few months ago.
- Chicago housing market forecast: Chicago home prices will likely continue to increase in 2022.
- Market time: Homes that closed in July took 9 days to sell.
- For buyers: Now is still a good time to buy a home in Chicago (just not as good as a year ago).
- For sellers: Right now is a good time to sell a home in Chicago, but not for long.
- Interest rates: After a steep run-up, interest rates have fallen about .6% from their peak. They are still a drag on the housing market in Chicago.
- Chicago vs. Other Cities: the housing market is much steadier in Chicago than other large cities. We don’t experience as severe of a boom and bust cycle.
- Condos: The Chicago condo market has experienced less of a drop in demand over the last year than the single family home market.
- Jobs: The Chicago area added 212,100 jobs between May of 2021 and May of 2022.
- Historical home prices: Outside of the 2008 housing crisis, Chicago home prices have rarely fallen more than 1%, according to the Case-Schiller home price index.
- Rental market: Chicago area rents went up by 10.5% year-over-year in July.
Chicago Real Estate Market By Area
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Hold up: you’re a smart Chicagoan, so you know the real estate markets in West Loop or Bronzeville aren’t the same as they are in Downers Grove or Evanston. So what does the 2022 real estate market hold for your neighborhood?
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