Tight inventory means market is still competitive for buyers
Mainstreet's November 2022 housing data looks more similar to data in years past, but it is still too early to say if the market will revert to pre-COVID trends, where the peak time to buy and sell was during the spring market.
The number of single-family homes sold declined 35.6% from 3,507 in November 2021 to 2,259 in November 2022, and median sales prices went up just slightly from $320,000 last year to $325,000 this year, only a 1.6% increase. Detached homes continued to move quickly, averaging 44 days on market, compared to 41 days the same time last year.
"The affordability is there, but the market is still competitive," said Mainstreet CEO John Gormley. "Low inventory is the issue, and in many places there are more people interested in buying than there are homes for sale."
There is currently two months of inventory for the Chicagoland PMSA, up 25% from 1.6 months in November of 2021.
"Buyers have a little more time than they did several months ago to make an offer on a home," said Debbie Pawlowicz, president for the Mainstreet board of directors. "I suggest people sleep on it, but for well-maintained properties that are going to move quickly, don't dwell on it. If you wait more than a day or two, it is likely that property will sell."
Attached home sales told a slightly different story than detached home sales. Sales were down 36.8% this November when 1,083 attached homes sold compared to 1,713 the same time last year, but time on market was also down 19.1% from 42 days in November 2021 to 34 days in November 2022. Median sale price for attached homes was still up 8.3% from $198,500 in November 2021 to $215,000 in November 2022.
Homes under contract for both detached and attached homes were down 31.4% and 36.4 %, respectively.
"For those looking to buy in the New Year, now is the time to connect with your Mainstreet Realtor and a loan officer and to get your documentation together for pre-approval," Pawlowicz added. "If you are planning to sell, it is a great time to invest in any repairs and maintenance on your home, so it is ready for showing."
For buyers looking to purchase a home, following are several suburbs that experienced lower median sale prices in November 2022 than November 2021: Burr Ridge (15.6% decrease in median sale price); Chicago Heights (8.6%); Darien (6.6%); Downers Grove (8.5%); Evergreen Park (17.4%); Hoffman Estates (18.4%); Lansing (19.1%); Sauk Village (7.8%).