Chicago sales are strong — but not surpassing March 2021

by Emily Mack

Homes sold quicker in Illinois last month than they did in March 2021, new data from Illinois REALTORS® concludes. However, the number of homes sold still lags behind the height of last spring’s real estate boom.

In all, 18,027 homes were sold in Illinois last month, reflecting the major year-over-year inventory decline of 32.1%. Statewide home sales (including both detached and attached homes) totaled 13,748 in March 2022: down 9.2% year over year. In Chicago proper, sales dropped 3.7%, to 2,287 homes, while the Chicago metro area experienced a larger decrease of 10.3%, to 10,996.

And while those drops may seem dramatic, it’s important to note that last March was a real estate anomaly which embodied the post-pandemic buying frenzy. Taking the average sales data from the last five Marches in the city Chicago, home sales in March 2022 were actually up 26%.

Additionally, homes sold at a faster rate last month, averaging 36 days on the market: down 10 days from 2021. “The number of homes listed for sale remains low, and sales prices continue to increase. Inflation is a source of concern for potential homebuyers, and interest rates are at their highest level in over a decade,” Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate at the University of Illinois at Chicago College of Business Administration, said in the Illinois REALTORS® report.

Statewide, the median price rose 4.6%, to $260,000, year over year. Within the city of Chicago, though, there was no year-over-year change, and the median price remained $345,000. Meanwhile, the metro at large experienced a 5.1% increase, rising to a median of $310,000.

“With mortgage interest rates inching up and fewer homes for sale than previous years, buyers are seizing opportunities rather than shopping around,” said Illinois REALTORS® President Ezekiel “Zeke” Morris.

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