Statewide home sales lower in May 2022 despite higher demand
SPRINGFIELD, Ill. (WIFR) - Illinois REALTORS reports home sales across the state crested 16,000 last month with strong demand and higher interest rates.
This is nearly a 10% decrease in sales from a year ago, however homes are moving faster this year with an average 24 days on the market.
A major change in this year’s market is the median price of single-family homes which rose to $276,000, due in part to an almost 25% inventory decline from 2021.
“This is a very good time to sell your home,” says Illinois REALTORS President Ezekiel “Zeke” Morris. “The average Illinois home spent a little than three weeks on the market during May, and some properties are drawing multiple offers from prospective buyers. With competition so fierce, it is definitely an advantage to have a realtor help you navigate the marketplace.”
Neighboring markets like the Chicago Metro Area (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will County) saw more than 11,500 new homeowners who paid a median price of $327,000 for their new digs.
“Despite rising mortgage rates and a significant drop in inventory, buyer activity remains high, as shown by the continued decline in days on market and a slight uptick in median sales prices,” says Chicago Association of REALTORS President Antje Gehrken. “The market continues to slowly return to pre-pandemic behavior and normalize after a frantic pace.”
Copyright 2022 WIFR. All rights reserved.