May 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS MAY 2022 MARKET UPDATE
McHenry County: We saw a 21% increase in number of homes sold month over month, and a 3% decrease compared to May 2021.
Lake County: We saw an 8% decrease in number of homes sold month over month, and a 27% decrease compared to May 2021.
Cook County: We saw a 3% increase in number of homes sold month over month, and an 8% decrease compared to May 2021.
We are seeing a shift in the market across Northern Illinois. Home sales have decreased compared to this time last year and showings per listing have also gone down from the peak of the spring season. That said, the data shows we are STILL in a seller's market. A normal market has months supply of 5-6 months. We are at 1-2 months supply depending on which county you're in. We are seeing less buyers out and less competition on homes, likely due to the rising interest rates. The market of the past 2 years was NOT sustainable. What we are seeing is a normalization of the market, not a tanking of the market!
*Data provided by MRED (Midwest Real Estate Data) MLS