Market Statistics
Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
Inventory
New Listings in the City of Chicago were down 11.1 percent for detached homes and 27.8 percent for attached properties.
Listings Under Contract decreased 35.9 percent for detached homes and 41.7 percent for attached properties.
Listings
The Median Sales Price was down 7.0 percent to $288,326 for detached homes and 6.5 percent to $325,000 for attached properties.
Months Supply of Inventory increased 21.4 percent for detached units but decreased 11.2 percent for attached units.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
*Current as of December 14, 2022. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2022 ShowingTime.
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