August 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS AUGUST 2022 MARKET UPDATE
McHenry County: We saw a 9.5% increase in number of homes sold month over month, and a 15% decrease compared to August 2021.
Lake County: We saw a 6% increase in number of homes sold month over month, and a 22% decrease compared to August 2021.
Cook County: We saw a 3% decrease in number of homes sold month over month, and a 22% decrease compared to August 2021.
What we are seeing is a deceleration in the market, not depreciation (despite the use of the word decrease here). The market was moving SO fast last year, that we are simply returning to a more normal market. That said, we are still seeing inventory shortages with both Lake and McHenry Counties at about 1.5 months supply and Cook County at about 2.5 months supply. Reminder, anything below ~6 months is considered a seller's market. Buyers, you have less competition right now so let's get out there and find that new home. Sellers, take advantage of the fall market before we head into winter and let's make a plan to get your home listed ASAP.
If you have any questions, just let me know.
*Data provided by MRED (Midwest Real Estate Data) MLS