Home sales continue to dip, while scant inventory moves quickly

Potential homebuyers may be pumping the brakes, as the number of single-family homes sold and under contract in July 2022 continued downward.

There were 3,511 detached homes that sold in July 2022, down 25.2% from the same time last year and 16.9% this year to date. The number of detached homes under contract also decreased 22.2% from 4,435 in July 2021 to 3,450 in July 2022. Data for attached homes was reflective of the same, with sales down 23.1% compared to the same time last year.

"There's no question home sales are slowing, but the Chicagoland suburbs are very desirable for many different types of buyers for many reasons," said Mainstreet CEO, John Gormley. "So when the right buyer finds the right house, it's still going to move very quickly."

With inventory remaining historically low, homes were on the market for fewer days and selling at higher price points. In July 2022, the average detached single-family home was on the market for only 24 days, compared to 29 days this same time last year. The median sales price for these homes was up 3.8% this year over last, increasing from $342,100 in July 2021 to $355,000 in July 2022.

"Sellers are becoming less opportunistic. We're not seeing people move unless they really have to, which means the market is coming back to a more realistic balance," said John LeTourneau, Mainstreet Board of Directors President. "There's a lot of information out there about the market, mortgage interest rates, etc. and a skilled Realtor can help clients translate this information, bringing clarity to support the important decisions they need to make when buying or selling a home."

The following communities saw a notable decrease in the sales of detached homes in July 2022: Arlington Heights (38.4% decrease in number of houses sold); Bartlett (38.1%); Downers Grove (54.1%); Elmhurst (44.4%); Elmwood Park (36.7%); Geneva (41.7%); Glen Ellyn (30.2%); Green Oaks - Libertyville (32.8%); Lake Villa - Lindenhurst (47.3%); Montgomery (31.1%); Niles (48.3%); Orland Park (47.4%); Rolling Meadows (34.8%); Schaumburg (35.9%); Sycamore (36.8%); Western Springs (50.0%); Wood Dale (60.0%).