Weekly Market Activity Report for Week Ending January 28, 2023

Data current as of February 6, 2023

U.S. housing starts declined in 2022, as homebuilders scaled back production due to high construction costs, affordability challenges, and a pullback in buyer demand. According to the U.S. Census Bureau, 1.55 million homes were started last year, a 3% drop from the previous year, and the first annual decline since 2009. However, housing completions increased, with 1.39 million homes completed in 2022, a 3.8% increase from the previous year, when 1.34 million homes were completed.

SINGLE-FAMILY DETACHED

For the week ending January 28:

• New Listings decreased 3.3% to 265

• Under Contract Sales decreased 12.6% to 195

• Inventory increased 15.4% to 2,372

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 28:

• New Listings decreased 35.2% to 403

• Under Contract Sales decreased 26.4% to 323

• Inventory decreased 22.3% to 3,167

For the month of December:

• Median Sales Price decreased 13.0% to $298,500

• 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 February 6, 2023. All data from Midwest Real Estate Data reflecting activity within the 77 officially defined Chicago community areas. Report © 2023 ShowingTime.