Chicagoland Real Estate Market Update for Week Ending 12/20/2021

The Chicagoland Market Update for Week Ending, December 20, 2021

   There were 2,787 homes that closed, an increase from last week's report but a decrease from last year's.

   Under Contract homes are pretty stable at a count of 2,540 as of this week and is fairly similar on a year to year count, but down by 200 from last year's number of homes under contract. But we are still right on pace and we still have a very strong market so it is encouraging to see these numbers to stay pretty steady week over week and also year over year.

   New listings are definitely something we would like to keep our eye on. Granted it is the holidays, we only have 3,108 new homes hit the market last week, that is down week over week and the week from the previous year that had 3,731 home that hit the market. We are having less homes in the market so if you are looking to sell, this might be a good time for you.

   We only have 43,683 homes that are currently active for sale, significantly down from our high numbers from early August and end of July where we had 60,472 active homes for sale which is over 25% less from the peak (27%-28%) so again, there are less available homes for sale but there are still a lot of buyers out there so this is a good sign for sellers and for buyers, we want to make sure that we are checking out homes more quickly and offering fair prices for those homes.

   The encouraging part here is that we have a median sales price of $281,000 which is a high mark all the way back to August. That is a good sign and that is a 9% increase from last year which is at around $257,000 more or less. So, if you have a home or bought a home last year, congratulations! your net worth is now 9% higher than it was a year ago.
Now the average sales price is $356,307 which is up from a year ago ($324,491), about 9%-10% increase.

   Again, there's not a lot of homes out there for sale but, it is very encouraging that we are starting to see new homes at the market or still seeing homes closed at a reasonable rate and we are seeing home prices appreciate so if you have a home that you are looking to sell, right now might be a good time where there is less inventory and less competition.

   There is a myth out there that people want to wait for the spring to sell but when you wait for the spring, you will be competing with a lot more homes on the market so right now is a good time to capitalize.

   If you have any questions about your particular home or your neighborhood or your town, please reach out to me and I will be happy to offer you a FREE detailed market analysis!

   If you have questions on the home selling, home buying and/or investing in real estate, I would be your very happy trusted advisor!

Happy Holidays!

- Young Lee