April 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS APRIL 2022 MARKET UPDATE
McHenry County: We saw a 3% decrease in homes sold month over month, and an 18% decrease compared to April 2021.
Lake County: We saw a 30% increase in homes sold month over month, and a 12% decrease compared to April 2021.
Cook County: We saw a 6% increase in homes sold month over month, and an 11% decrease compared to April 2021.
Across the country, we are hearing agents are starting to see a slight shift in the market. Likely due to the rising interest rates, we are seeing less competition on some homes in some areas. That said, we continue to see extremely low inventory with months supply still at less than one month in McHenry County, one month in Lake County and 1.6 months in Cook County. So while supply remains low, demand will likely lessen as we see additional interest rate hikes throughout the rest of the year.
Buyers -- the time to buy is NOW to secure a lower interest rate. Sellers -- it is time to get your home on the market while buyers are out trying to secure their new home at a lower rate.