January 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS JANUARY 2022 MARKET UPDATE
McHenry County: We saw a 44% decrease in homes sold month over month, and an 11% decrease compared to January 2021.
Lake County: We saw a 27% decrease in homes sold month over month, and a 1% decrease compared to January 2021.
Cook County: We saw a 28% decrease in homes sold month over month, and a 4% increase compared to January 2021.
The large drop compared to December is not abnormal as many home buyers rush to close in December or decide to push their search off until after the new year, resulting in February/March closings for those who paused their search until January.
We continue to see average sales prices increase across all three counties with $294,000 in McHenry County, $399,000 in Lake County and $393,000 in Cook County as of January.
I'm sure you've heard that the Fed is planning an interest rate increase in mid-March. While we don't expect a major hike, it is something we'll watch closely. Most experts anticipate buyer demand will remain strong despite the increase. Buyers -- more increases are expected as the year progresses, so now is the time to get your search started. Sellers -- we are seeing the spring market start already so don't make the mistake of waiting until April or May to list when you're likely to have more competition.
*Data provided by MRED (Midwest Real Estate Data) MLS