Mainstreet Organization of Realtors: With prices on the rise, Chicago area home sales cool
As mortgage rates and median sale prices climbed in June, home sales slowed, leaving buyers to speculate whether or not relief might finally be around the corner.
With median single-family home prices up 9.0% in June 2022 from June 2021, the number of detached homes under contract was down 18.9 %, along with the number of homes sold, which was down 21.4%. Still, inventory for detached homes continues to move quickly, with the average home on market in June 2022 sitting at 23 days, down from 31 days at this time last year.
For attached homes, median sale prices increased 11.2% in June 2022 and sales also decreased 13.3% as compared to the same time last year.
"The market is slowly coming into balance, which is a good thing for buyers, but they are still going to need to contend with increasing mortgage interest rates," said Mainstreet CEO, John Gormley. "As the market shifts, it's important for buyers and sellers to work with a Realtor who is skilled at helping to navigate this changing landscape."
These numbers are reflective of year-to-date, January to June 2022, trends where median home prices increased 6.2%, the number of detached homes sold was down 15.3% and the number of attached homes sold decreased 8.4% from 2021.
"Despite an inventory shortage, the market is headed toward a soft landing. For those looking to make a home purchase, there are opportunities to get creative by working with your mortgage broker to get a rate buy down or by adding a shorter, secondary loan that allows you to decrease your down payment," said John LeTourneau, Mainstreet Board of Directors President. "Since there's some market disruption, the timing could also be just right for sellers who can make a sale, while also taking advantage of a bit of a buyer's market now, too."
The following communities had particularly steep increases in median sales price for detached single-family homes in June 2022:
• Aurora (19.3% increase in median sale price);
• Dolton (35.0%);
• Elmhurst (24.6%);
• Elmwood Park (25.3 %);
• Flossmoor (36.6%);
• Hinsdale (15.6%);
• Inverness (27.3%);
• Keeneyville - Roselle (22.0%);
• Lisle (17.1%);
• Monee (65.1%);
• Mt. Prospect (16.2%);
• Oak Brook (16.3%);
• Oswego (20.7%);
• Park Forest (22.8%);
• Sycamore (24.9%);
• Vernon Hills (17.8%);
• Villa Park (16.8%);
• Westmont (15.9%);
• Wheaton (22.7%).