Illinois homes stayed on the market for the same amount of time during September 2022 and 2021 — 25 days on average — even as prices rose. According to new data from Illinois REALTORS®, the statewide median home price increased 1.5% year over year, to $253,687.
Overall, though, home sales and inventory were down in Illinois. A total of 27,654 homes were on the market in September, reflecting a year-over-year decline of 17.9%. Meanwhile, the number of homes sold slipped 18.9% to 13,697.
Speaking in a press release, Illinois REALTORS® President Michael Gobber offered a positive outlook. “It is still a good time to sell your home because the prices are holding steady and the residences are not on the market very long,” he said, noting that interest rates and inflation are expected to continue rising.
However, in the city proper, the median home price remained the same as in September 2021: $320,000. But home sales still declined, 24.4% year over year to 2,030 total.
In the press release, Chicago Association of REALTORS® President Sarah Ware attributed the data to a few factors. “In September, seasonality combined with inflation and inventory shortages caused a decrease in closed sales, although homes were still moving, with a decrease in days on the market and median sales price holding steady,” Ware said.
Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate, also offered a forecast. “The housing market in Illinois is showing signs of slowing … Although median sales prices are higher than at this time last year, the rate of increase has been lower than the inflation rate,” McMillen said. “Our prediction is that house prices and sales will change only modestly over the next few months.”
