June 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS JUNE 2022 MARKET UPDATE
McHenry County: We saw an 8% increase in number of homes sold month over month, and a 24% decrease compared to June 2021.
Lake County: We saw a 24% increase in number of homes sold month over month, and a 26% decrease compared to June 2021.
Cook County: We saw a 2% increase in number of homes sold month over month, and a 17% decrease compared to June 2021.
We are slowly seeing an increase in the supply of homes. While it is still a seller's market across Northern Illinois, there are more homes for buyers to choose from than any other time this year. There are also less buyers out, with showings per listing down between 10 and 18% from May and a whopping ~45% (depending on county) from the beginning of the year. That said, average sales price continues to trend upwards in most areas. Experts still project appreciation over the next year, just at a lower rate than in the previous 18-24 months.
So, what does this mean? Buyers -- you have more to choose from and less competition, which is welcome news to many. That said, interest rates have increased from earlier this year (although recently fallen slightly). It's imperative to work with a trusted, local lender that can help you navigate the ever-changing mortgage rates. Sellers -- it is still a fantastic time to sell. We just have to adjust expectations a bit. The market of 10-20 offers and 40 showings the first weekend was not realistic and not normal. We are starting to see things normalize a bit, but months supply remains at just 1.5-2 months (anything below 5-6 months is considered a seller's market). Presentation and pricing remain of utmost importance to helping you net the most money. Luckily, I can help with all of that!
If you have any questions, just let me know.
*Data provided by MRED (Midwest Real Estate Data) MLS