Create professional development programs that help REALTORS® strengthen their businesses.
Protect private property rights and promote the value of REALTORS®.
Advance ethics enforcement programs that increase REALTOR® professionalism.
Protect REALTORS® by providing legal guidance and education.
Stay current on industry issues with daily news from Illinois REALTORS®, network with other professionals, attend a seminar, and keep up with industry trends through events throughout the year.
Illinois homes sold faster in November 2022 than they did in November 2021, while year-over-year inventory fell. The statewide median price shifted lower and home sales were down compared to the year before, according to data from Illinois REALTORS®.
The average Illinois home sold in 30 days in November 2022, compared to 31 in November 2021. Statewide home sales (including single-family homes and condominiums) in November 2022 totaled 10,374 homes sold, down 30.0 percent from in 14,824 in November 2021.
The statewide median price went down 2.8 percent to $243,000 in November 2022 compared to $249,900 in November 2021. The median is a typical market price where half the homes sold for more and half sold for less. It was the first time since June 2020 that a monthly median price was lower than the median price of the same month a year earlier.
The number of homes for sale statewide was 24,279 in November 2022 compared to 27,692 in November 2021, an inventory decline of 12.3 percent.
“With the concerns about the economy and confusion caused by the current market fluctuations and specter of continued interest rate hikes, now is the time that working with a REALTOR® to buy or sell your home is extremely important,” said Michael Gobber, Illinois REALTORS® 2023 President and designated managing broker-partner, Century 21 Affiliated in Westchester. “You need that expert counsel to help understand the housing market and the impact of interest rates to ensure you make the right decision on one of your greatest investments – the sale or purchase of your home.”
According to the data, home sales in the Bloomington MSA (McLean and Dewitt counties) totaled 206 sales, an 8.4 percent decrease while the median price increased 18.8 percent to $212,000. Home sales in the Carbondale-Marion MSA (Jackson and Williamson counties) totaled 107 sales, a 10.1 percent decrease while the median price increased 2.1 percent to $145,000.
“The housing market in Illinois has slowed since its peak in June,” said Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate (SHDRE) at the University of Illinois at Chicago College of Business Administration. “The median home price and the number of sales were lower in November than at the same time last year. The number of foreclosures has increased but is still not high by historical standards. Our forecasts indicate that the number of sales will remain low over the next three months. Prices are forecast to increase slightly in the Chicago area over the few months but are expected to continue to decline somewhat in the rest of Illinois.”
In the Chicago Metro Area, the median home sale price in November 2022 was $295,000, an increase of 1.7 percent from $290,000 in November 2021.
Last month, 6,846 homes (single-family and condominiums) were sold in the nine-county Chicago Metro Area, a 35.0 percent decrease from the 10,525 homes sold in November 2021.
In the city of Chicago, the median price of a home in November 2022 was $305,000, a decrease of 6.7 percent from $327,000 in November 2021.
In Chicago, home sales (single-family and condominiums) in November 2022 totaled 1,522 homes sold, a 36.5 percent decrease from November 2021 sales of 2,396 homes.
“With many major industries seeing market declines in the face of rising interest rates, it’s no surprise that the November housing market also declined in closed sales, median sales price and inventory,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “However, mortgage rates began to drop, which will hopefully draw more buyers into the market as we move towards 2023.”
Sales and price information are generated by Multiple Listing Service closed sales reported by 22 participating Illinois REALTORS® local boards and associations including Midwest Real Estate Data LLC data as of Dec. 7, 2022, for the period Nov. 1 through Nov. 30, 2022. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Based on the Freddie Mac data, the monthly average commitment rate for a 30-year, fixed-rate mortgage was 6.81 percent in November 2022, down from the previous month of 6.90 percent. The November 2021 average was 3.07 percent.
Find Illinois housing stats, data and the Stuart Handler Department of Real Estate (SHDRE) at the University of Illinois at Chicago College of Business Administration’s 2023 forecast at http://www.illinoisrealtors.org/marketstats/.
Illinois REALTORS® is a voluntary trade association whose more than 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.
