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The median price of Illinois homes sold in October 2022 rose in comparison to October 2021 – as year-over-year inventory decreased, according to data from Illinois REALTORS®.
The average Illinois home sold in 28 days in October 2022, the same as in October 2021. Statewide home sales (including single-family homes and condominiums) in October 2022 totaled 11,490 homes sold, down 27.9 percent from in 15,945 in October 2021.
The statewide median price went up 0.8 percent to $249,000 in October 2022 compared to $247,000 in October 2021. The median is a typical market price where half the homes sold for more and half sold for less.
The number of homes for sale statewide was 26,422 in October 2022 compared to 31,445 in October 2021, an inventory decline of 16.0 percent.
“While inflation and rising mortgage interest rates weighed heavily on the minds of consumers, homes still continued to sell quickly in October,” said Michael Gobber, Illinois REALTORS® 2023 President and designated managing broker-partner, Century 21 Affiliated in Westchester. “The fact that homes sold on average within 28 days indicates that it is still a good time to sell.”
According to the data, home sales in the Bloomington MSA (McLean and Dewitt counties) totaled 229 sales, a 6.9 percent decrease while the median price increased 14.1 percent to $205,400. Home sales in the Champaign-Urbana MSA (Champaign, Piatt and Ford counties) totaled 246 sales, a 13.7 percent decrease while the median price increased 4.2 percent to $175,000.
“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. “Prices and the number of sales have returned to approximately the same levels as in November 2021. Inflation and high interest rates have led to a decline in consumer confidence. However, inventories remain low, and as a result, prices are not expected to decline substantially over the next few months.”
In the Chicago Metro Area, the median home sale price in October 2022 was $300,000, an increase of 3.5 percent from $289,745 in October 2021.
Last month, 7,645 homes (single-family and condominiums) were sold in the nine-county Chicago Metro Area, a 32.4 percent decrease from the 11,303 homes sold in October 2021.
The median price of a home in the city of Chicago in October 2022 was $320,000, an increase of 2.2 percent from $313,000 in October 2021.
In Chicago, home sales (single-family and condominiums) in October 2022 totaled 1,709 homes sold, a 30.8 percent decrease from October 2021 sales of 2,469 homes.
“In October, inflation combined with rising interest rates, seasonality and strained inventory caused closed sales to drop,” said Sarah Ware, president of the Chicago Association of REALTORS® and principal and designated managing broker for Ware Realty Group in Chicago. “However, median sales prices increased while days on the market decreased, meaning homes are still being purchased. Buyers will need to be patient during their home search, and sellers need to work with a REALTOR® to ensure their home is prepared and priced to sell.”
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 Nov. 7, 2022, for the period Oct. 1 through Oct. 31, 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 6.90 percent in October 2022, up from the previous month of 6.11 percent. The October 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 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.
