Amid rising prices and hiking interest rates, Illinois homes sold faster in February 2022 than in the year prior, according to new data from Illinois REALTORS®.

Affordability and supply-chain issues continued to weigh on the sales of new single-family residences.

What does the current generation of homebuyers and sellers look like? How old are they and how are they doing business? NAR has answers.

The median existing-home price for all housing types in February was $357,300, up 15% from a year before, as median prices rose in each region.    

“More groundbreaking is welcome news for a supply-starved housing market.” — First American deputy chief economist Odeta Kushi 

The measurement of six-month sales expectations among homebuilders took an especially negative turn in March, according to the National Association of Home Builders. 

“Investors are weighing the impacts of rapidly increasing inflation in the U.S. and many other parts of the world against the potential for a slowdown in economic growth due to a renewed bout of supply-chain constraints.” — MBA associate vice president of economic and industry forecasting Joel Kan

In Chicago, 12 homes sold for at least $100,000 over asking price, up from four in 2021.

Of the homes that went under contract during the four weeks ended March 6, 58% had an accepted offer within the first two weeks of going on the market, and 45% had an accepted offer within just one week, Redfin reported.

The number of homes sold in Chicago last year was far higher than the national average, Compass has found in a new data report.

“Looking ahead, the potential for higher inflation amidst disruptions in oil and other commodity flows will likely lead to a period of volatility in rates.” — MBA associate vice president of economic and industry forecasting Joel Kan 

Homeowner tenure has flattened since its 2020 peak.

Demand has been trending up since the beginning of the pandemic.

The pace of new home listings is gaining steam, a welcome development in the face of high demand from buyers, Redfin reported.

Buyers faced bidding wars as more rushed to purchase a home before mortgage rates jumped again.

“Given the situation in the market — mortgages, home costs and inventory — it would not be surprising to see a retreat in housing demand.” — NAR chief economist Lawrence Yun