March 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS MARCH 2022 MARKET UPDATE
McHenry County: We saw a 49% increase in homes sold month over month, and an 8% decrease compared to March 2021.
Lake County: We saw an 25% increase in homes sold month over month, and a 25% decrease compared to March 2021.
Cook County: We saw a 41% increase in homes sold month over month, and a 6% decrease compared to March 2021.
For the first time in 6-8 months, Lake and McHenry Counties did not see a decrease in homes for sales or months supply, but instead stayed mostly even with February. That said, we have seen a large spike in showings per listing over the first quarter of 2022 so demand continues to outpace supply. The increase in interest rates may be spurring some buyers to get out and look sooner rather than later because no one quite knows what the rest of 2022 will bring. As most school districts' spring breaks wind down, will we see additional homes coming to the market in preparation for summer? Only time will tell what Q2 will bring!
*Data provided by MRED (Midwest Real Estate Data) MLS