Data current as of March 13, 2023
According to recent data from Black Knight, more than 40% of US mortgages originated in 2020 – 2021, with almost 25% of all current home loans originating in 2021, when the pandemic helped mortgage rates tumble to historic lows. What’s more, nearly 65% of mortgages are at rates of 4% or below, offering little incentive for many current homeowners to sell their homes now that borrowing costs are significantly higher.
SINGLE-FAMILY DETACHED
For the week ending March 4:
New Listings decreased 23.8% to 340
Under Contract Sales decreased 5.2% to 238
Inventory increased 11.5% to 2,227
For the month of February:
Median Sales Price increased 3.1% to $295,000
Market Time increased 47.5% to 90
Percent of Original List Price Received decreased 2.8% to 95.0%
Months Supply increased 40.0% to 2.8
SINGLE-FAMILY ATTACHED
For the week ending March 4:
New Listings decreased 43.0% to 518
Under Contract Sales decreased 33.3% to 350
Inventory decreased 28.5% to 3,020
For the month of February:
Median Sales Price decreased 7.2% to $320,000
Market Time decreased 13.5% to 96
Percent of Original List Price Received decreased 0.7% to 96.6%
Months Supply decreased 8.3% to 2.2
Current as of March 13, 2023. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2023 ShowingTime.