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Spring 2022 Update


By IllinoisRealtors.org

How fast are homes selling?
Homes are selling quicker due to tightening inventory, rising mortgage rates and strong demand, when comparing year over year numbers (Jan 2021 to Jan 2022).


The average Illinois home sold in 38 days in January 2022, compared to 47 days in January 2021. The average home in the Chicago Metro Area, averaged 36 days on the market in January compared to 40 the year before. However, homes in the city of Chicago averaged 47 days compared to 45 in January 2021.


Statewide home sales (including single-family homes and condominiums) in January 2022 totaled 10,221 homes sold, down 0.6 percent from 10,279 in January 2021.


How many homes have been sold?
In January 2022, 18,510 homes sold in Illinois, compared to 29,093 in January 2021, a decline of 36.4 percent.


Last month, 7,120 homes (single-family and condominiums) were sold in the nine-county Chicago Metro Area, a 1.0 percent decrease from the 7,189 homes sold in January 2021. In the Chicago Metro Area, the median home sale price in January 2022 was $285,000, an increase of 5.6 percent from $270,000 in January 2021.


In the city of Chicago, home sales (single-family and condominiums) in January 2022 totaled 1,801 homes sold, up 6.1 percent from January 2021 sales of 1,698 homes.


How are mortgage rates?
Based on the Federal Home Loan Mortgage Corp. data, the monthly average commitment rate for a 30-year, fixed-rate mortgage was 3.45 percent in January 2022, up from the previous month of 3.1 percent. The average was 2.74 percent in January 2021.


What’s in our future?
Median prices are forecasted to grow continuously in 2022 within a lower and narrower range compared with 2021. On a year-to-year basis, these gains will range from 2.0% to 7.9% for Illinois and 1.4% to 7.7% for Chicago.

By December 2022, the median price of homes is forecasted to be $261,561 in Illinois and $306,134 in Chicago, respectively 7.9% and 7.6% higher on an annual basis

According to Fannie Mae’s latest set of predictions for 2022, home price growth is forecasted to be slower than in 2021, but still be strong by historical standards.

By December 2022, the median price of homes is forecasted to be $261,561 in Illinois and $306,134 in Chicago, respectively 7.9% and 7.6% higher on an annual basis.


According to Fannie Mae’s latest set of predictions for 2022, home price growth is forecasted to be slower than in 2021, but still be strong by historical standards.


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