For Week Ending December 3, 2022 Quick Facts
Data current as of December 12, 2022
Rising interest rates and higher sales prices have caused affordability to decline significantly this year, and U.S. homebuilders have taken note. New homes have been getting smaller throughout 2022, with the U.S. Census reporting the median square footage of homes under construction was 2,276 in the third quarter of 2022, down 2.5% from the fourth quarter of 2021, when the median square footage was 2,335. The trend toward smaller homes is expected to continue in the months ahead, as homebuyer budgets remain constrained.
SINGLE-FAMILY DETACHED
For the week ending December 3:
New Listings decreased 4.5% to 279
Under Contract Sales decreased 13.9% to 149
Inventory increased 7.0% to 2,751
For the month of November:
Median Sales Price decreased 7.0% to $288,326
Market Time increased 43.5% to 66
Percent of Original List Price Received decreased 2.5% to 95.2%
Months Supply increased 23.1% to 3.2
SINGLE-FAMILY ATTACHED
For the week ending December 3:
New Listings decreased 20.0% to 359
Under Contract Sales decreased 29.3% to 159 Inventory decreased 26.3% to 3,952
For the month of November:
Median Sales Price decreased 6.5% to $325,000
Market Time decreased 12.5% to 70
Percent of Original List Price Received decreased 0.6% to 96.2%
Months Supply decreased 13.3% to 2.6
Current as of December 5, 2022. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2022 ShowingTime.