Data current as of February 13, 2023
Mortgage rates continued their downward trend, with the 30-year fixed-rate mortgage averaging 6.09% the week ending 2/2/23, according to Freddie Mac. Mortgage rates have declined steadily for the past 4 weeks and are now at their lowest level since their peak in November, when rates hit 7.08%. The drop in rates could save homebuyers hundreds of dollars on their monthly mortgage payments and may provide a boost in home sales ahead of the spring selling season.
SINGLE-FAMILY DETACHED
For the week ending February 4:
New Listings decreased 13.2% to 256
Under Contract Sales decreased 15.8% to 192
Inventory increased 16.6% to 2,329
For the month of January:
Median Sales Price decreased 10.0% to $261,000
Market Time increased 21.3% to 74
Percent of Original List Price Received decreased 2.5% to 94.2%
Months Supply increased 38.1% to 2.9
SINGLE-FAMILY ATTACHED
For the week ending February 4:
New Listings decreased 41.7% to 396
Under Contract Sales decreased 31.4% to 302
Inventory decreased 24.0% to 3,104
For the month of January:
Median Sales Price decreased 0.4% to $332,500
Market Time decreased 13.9% to 93
Percent of Original List Price Received decreased 0.1% to 95.9%
Months Supply decreased 4.3% to 2.2
Current as of February 13, 2023. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2023 ShowingTime.