July 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS JULY 2022 MARKET UPDATE
McHenry County: We saw a 16% decrease in number of homes sold month over month, and a 29.5% decrease compared to July 2021.
Lake County: We saw a 23% decrease in number of homes sold month over month, and a 32% decrease compared to July 2021.
Cook County: We saw a 23% decrease in number of homes sold month over month, and a 25% decrease compared to July 2021.
The last two years, we've seen sales peak in June and slump a bit in July which makes sense. Post-Covid, we're back to those summer vacations that take people's focus away from buying or selling homes. We are also seeing a decline from this time last year due to the higher interest rates (i.e. lower demand). We are still experiencing low months supply, at about 1.5 months for McHenry and Lake Counties and 2.5 months for Cook County. This is still well within a seller's market, but less buyers are out than before. That said, rates have fallen recently to right around 5% (for 30 Year Fixed Conventional), which is a welcome change from earlier this summer. Will this bring more buyers back out? Time will tell! We still desperately need inventory, so if you've had any thoughts of selling NOW is the time!
If you have any questions, just let me know.