As fall wears on, the local market shows continued seasonal cooling, according to the latest snapshot from the Chicago Association of REALTORS® (CAR). Chicago home sales decline for the seventh consecutive month.
During September 2022, a total of 2,050 homes were sold within the city of Chicago: a 23.5% decrease from September 2021. Meanwhile, prices stayed roughly the same with a continued median of $320,000. Similarly, houses stayed on the market for an average of 60 days, exhibiting no change year over year.
Inventory also continued to shrink. Year over year, the number of homes on the market dropped 17.9% in September, to 7,783 homes in September 2022. Of those, 4,571 were new listings.
Speaking in a recent press release from Illinois REALTORS®, CAR President Sarah Ware commented on the decline. “In September, seasonality combined with inflation and inventory shortages caused a decrease in closed sales, although homes were still moving,” Ware said, attributing slowed sales to general affordability issues.
Overall, the CAR snapshot highlighted rising consumer prices and mortgage interest rates as defining factors in September 2022.