Illinois homes sold somewhat faster in August 2022 than in the year prior, even as median prices rose statewide, according to new data from Illinois REALTORS®.
Though statewide home sales were down 18.6% in August 2022, year over year, the average Illinois home sold in 23 days: one day faster than August 2021. Meanwhile, the statewide median price increased 1% to $260,000.
Within the Chicago metro, price increases were steeper. August 2022 saw the median home price rise to $311,000, a 3.7% bump from August 2021. However, the drop in home sales was also more extreme. With 10,556 homes sold, the year-over-year decline was 21.6%.
Within the city proper, though, prices decreased. The median price of a Chicago home was $317,500 during August 2022, reflecting a year-over-year decline of 5.2%. And home sales were also down, 21.4%, with a total of 2,293 homes sold.
“Decreases in sales price and closed sales … aren’t a surprise based on the fast pace we’ve seen over the last few years,” Chicago Association of REALTORS® President Antje Gehrken said of the data in a press release. She attributed August’s numbers to a lack of inventory, adding that, “Typical real estate markets ebb and flow.”
Gehrken also pointed out that the shrinking number of days on the market indicate continued demand. “Despite these declines, days on the market remain low, showing that there’s still buyer demand and a quick turnaround on homes priced right and ready to sell,” she said.
Illinois REALTORS® President Ezekiel “Zeke” Morris, too, focused on the average time on the market in his comments. “Available homes sold fast in Illinois in spite of fluctuating mortgage interest rates, concerns about inflation and mixed job market signals,” he said. “It reminds us that homeowners can still buy the home of their dreams even though market conditions aren’t perfect.”
Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate, commented on the data more generally, stating that the Illinois housing market is slowly returning to normal. “Our prediction is that house prices will continue to decline modestly over the next few months, while the number of sales will show its usual late-year slowdown,” he concluded.