Data current as of January 23, 2023
Despite softening home prices, housing affordability continued to decline nationwide in Q4 2022 due in part to elevated interest rates. According to ATTOM’s Q4 2022 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide, an increase from Q4 2021, when 68% of counties were less affordable. The portion of wages needed for homeownership costs also increased, with homeownership costs now requiring 32.3% of the average national wage, a 15-year high.
SINGLE-FAMILY DETACHED
For the week ending January 14:
New Listings increased 8.5% to 320
Under Contract Sales decreased 29.4% to 139
Inventory increased 10.7% to 2,360
For the month of December:
Median Sales Price decreased 6.6% to $275,500
Market Time increased 24.5% to 66
Percent of Original List Price Received decreased 2.5% to 95.1%
Months Supply increased 27.3% to 2.8
SINGLE-FAMILY ATTACHED
For the week ending January 14:
New Listings decreased 24.4% to 449
Under Contract Sales decreased 39.9% to 218
Inventory decreased 24.5% to 3,139
For the month of December:
Median Sales Price decreased 12.6% to $300,000
Market Time decreased 13.8% to 81
Percent of Original List Price Received decreased 0.2% to 96.0%
Months Supply decreased 4.3% to 2.2
Current as of January 23, 2023. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2023 ShowingTime.