According to Chicagoland-area realtors, housing stock is still low, so well-maintained properties can still move quickly, but buyers have more time for due diligence than they did during the spring market.
In October 2022, the number of detached homes under contract decreased by 31.8%, and the number of homes sold also decreased by 38.1%, compared to the same period last year. This, while the average time on market has increased by 20.0%
The number of attached homes under contract was also down 31.4%, and the number of attached homes sold was down 26.2% compared to October 2021. However, these homes are still moving quickly. Average time on the market for attached homes is down slightly by 3.0% compared to the same time last year, from 33 days on the market in October 2021 to 32 days on the market in October 2022.
“We’re seeing a market that responds to higher interest rates and lower inventory — it balances out,” said Debbie Pawlovich, chairwoman of Mainstreet. “Buyers can be a little more selective, and homes that are in good condition—those that are well-kept, priced correctly or updated with care—still run pretty quickly.”
Median prices also increased in October compared to the previous year. The median sale price of detached homes was $325,000, up 3.2%, and the median price of attached homes was $215,000, up 7.5% from October 2021.
“Buyers now have more room to negotiate sales prices, so even though interest rates are going up, monthly payments may end up at about the same level or lower than they were just a few months ago,” said Mainstreet CEO John Gormley. “Buyers and sellers should work with a High Street realtor to understand the nuances of the local market, navigate negotiations, and explore creative financing options.”
Here are the communities that saw a significant decrease in contract homes from October 2021 to October 2022: Arlington Heights (48.7% decrease in contract homes); Bartlett (64.2%); Buffalo Grove (40.0%); Downers Grove (56.0%); Elmhurst (49.2%); Flossmore (56.5%); Glen Ellen (41.9%); Hanover Park (54.8%); Villa Lake – Lindenhorst (57.4%); Leslie (71.4%); Midlothian (46.9%); Mundelein (56.9%); Naperville (40.9%); indigo (40.0%); Oswego (48.0%); Park Ridge (62.5%); Rolling Meadows (48.3%); Vernon Hills (54.6%).