February 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS FEBRUARY 2022 MARKET UPDATE
McHenry County: We saw a 2.5% decrease in homes sold month over month, and a 10% decrease compared to February 2021.
Lake County: We saw an 8% decrease in homes sold month over month, and a 12% decrease compared to February 2021.
Cook County: We saw a 5% decrease in homes sold month over month, and a 3.5% increase compared to February 2021.
While we see home sales decreasing, it may give the impression that they market is "cooling off." However, it's important to have context as to WHY to understand the whole picture. The short answer is, home sales are decreasing because there are less homes available to sell! The number of new listings has decreased by about 20% in McHenry County, 25% in Lake County and 7% in Cook County compared to last February. Months supply has decreased by 33%, 45% and 40% respectively. We desperately need more homes available as more buyers come to the market this Spring. We still expect an interest rate increase mid-March, but it's unclear how severe the change will be given the global developments in Ukraine. Stay tuned...