Chicago home buyers who were hoping for an easier market in 2022 aren’t seeing it yet. Typically, January ushers in a batch of fresh listings, which are viewed by eager buyers looking for a head start on the spring market. But as the weeks roll by, there hasn’t been a significant increase in inventory.
There’s still hope that sellers may come out of the woodwork as spring arrives. In the meantime, the Chicago area real estate market isn’t slowing down. According to the Mainstreet Organization of REALTORS®, Chicagoland single-family homes sold 29.2% faster in January 2022 than they did in January 2021. Condos and townhomes sold 23.8% faster than they did a year ago.
Some of the fastest-accelerating markets are Libertyville, Gurnee, Grayslake, Buffalo Grove and South Holland, which saw January 2022 home sales moving 68% to 79% faster than January 2021.
Higher home prices have followed. The median single-family home price was $309,300, a 4.2% increase over January 2021.
Home buyers who have been frustrated by the market may be developing “FOMO,” a fear of missing out. But don’t let a fast market rattle you into buying the wrong house, just for the sake of “getting something.” Stick to your priorities in a home, stay within your budget, and look for quality. Stay in contact with your lender and keep your mortgage pre-approval updated. Don’t worry about buying fast – focus on buying smart! You’ll thank yourself for years to come.
StartingPoint Realty – helping first-time home buyers, and helping home sellers too!
StartingPoint Realty proudly serves first-time home buyers throughout the entire Chicago area. Get an introduction to home buying by attending our free home buying webinar! There’s no sales pressure and no obligation.
If you’re thinking about selling your Chicago area home, we’ve got qualified buyers at the ready! We’ll give you the information and guidance you need to make the most of your opportunities. Ask us for a free consultation about your home’s market value. There is no pressure to list your home, and no obligation.
Always feel welcome to contact us for help with your Chicago real estate questions!
Ryan Gable Broker/CEO Starting Point Realty
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