October 2022 Market Update
HERE'S YOUR NORTHERN ILLINOIS OCTOBER 2022 MARKET UPDATE
McHenry County: We saw a 22% decrease in number of homes sold month over month, and a 30% decrease compared to October 2021.
Lake County: We saw an 18% decrease in number of homes sold month over month, and a 33% decrease compared to October 2021.
Cook County: We saw a 18.5% decrease in number of homes sold month over month, and a 31% decrease compared to October 2021.
The market is changing -- whether that's more due to seasonality or here to stay is still to be determined. And to be quite frank, it's a weird market. We are still seeing low months supply which is still signally a seller's market -- at just 1.5 months for McHenry and Lake County and 2.5 for Cook County. However, we are seeing more price adjustments happening with average percent of last list price at about 98.5% over all three areas as compared to 101-102% during the peak spring market. Price and condition are extra important now as buyers are much less willing to compromise today. Buyers still have little to choose from, but many buyers have exited the market or put their plans on pause given the current uncertainty so there's largely less competition overall. At the end of the day, life is still happening and people still need somewhere to live. And that's where I come in! Please reach out if you are contemplating a move and we can discuss if now is the right time for you.
If you have any questions, just let me know.
*Data provided by MRED (Midwest Real Estate Data) MLS