December 2021 Market Update
HERE'S YOUR NORTHERN ILLINOIS DECEMBER 2021 MARKET UPDATE
McHenry County: We saw a 7.5 % decrease in homes sold month over month, and a 2% decrease compared to December 2020.
Lake County: We saw a 7.5% decrease in homes sold month over month, and a 15% decrease compared to December 2020.
Cook County: We saw a 2% decrease in homes sold month over month, and a less than 1% decrease compared to December 2020.
In the final full week of 2021, the MLS registered the lowest weekly total of new listings since April. That said, things were pretty flat compared to this time last year for most areas, signally typically seasonality.
As for 2022 predictions, experts are projecting interest rates to rise a bit. While in 2021 rates hovered around 3% and some people even saw under 3%, predictions for 2022 are around 3.5% maybe upward to 4%. This is still historically low, but something to watch. Home prices are forecasted to appreciate thanks to continued saga of supply and demand. Experts estimate an average of 5% across all forecasts. Lastly, home sales are projected to be strong as more people move to meet their changing needs. If you have had any thoughts of buying or selling this year, let's schedule a time to chat during the first quarter of this year so we can discuss what timeline makes the most sense for you and we can ensure success for you in 2022! Coffee is always on me :)