Market Statistics
The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.
Inventory
New Listings in the City of Chicago were up 1.3 percent for detached homes but were down 29.3 percent for attached properties.
Listings Under Contract decreased 30.2 percent for detached homes and 35.6 percent for attached properties.
Listings
The Median Sales Price was down 10.0 percent to $261,000 for detached homes and 0.4 percent to $332,500 for attached properties.
Months Supply of Inventory increased 39.4 percent for detached units but decreased 3.4 percent for attached units.
As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.
Current as of February 14, 2023. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2023 ShowingTime.