Chicago real estate market stats outpace national average, Compass reports

by Emily Mack

The number of homes sold in Chicago last year was far higher than the national average, Compass has found in a new data report. Year over year, the drop in local inventory was also twice as extreme. This report was based on the research by EA Stribling-Kivlan, Compass’ senior managing director.

According to Stribling-Kivlan’s findings, the average number of homes sold nationally decreased 2.3%, year over year, while prices continued to increase: up 15.4% to $350,000, on average, from January 2021 to January 2022. That marks the 119th straight month of year-over-year price increases.

Meanwhile, inventory continued to shrink, down 16.5% year over year. In turn, the national average number of days on the market shrunk from 21 to 19 days.

“While the volume of sales and median price has increased nationally, inventory in January 2022 showed a continued decrease,” Stribling-Kivlan said. “It is astonishing to witness how very little there is to purchase, coupled with buyers looking to scoop up what remains to try and lock in lower mortgage rates. This is evidenced in how quickly homes are continuing to sell.”

And in Chicago, the stats are even starker. The city saw a 7.2% increase in year-over-year home sales during January 2022: a significant contrast from the national decrease of 2.3%. Additionally, Chicago’s inventory fell 32.7% year over year — nearly double the national average. Due to those factors, Chicago demand remains high.

Percentage shifts in Chicago, across the board

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