MARKET SNAPSHOT — CITY OF CHICAGO
*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.
- 3,210 properties were sold in the City of Chicago in April 2022. This is a 4.5% decrease from April 2021.
- The median sales price in the City of Chicago for April 2022 was $370,000, a 1.0% decrease from April 2021.
- The City of Chicago saw listings average 61 days on the market until contract, a 17.6% decrease from April 2021.
- Check out the April 2022 FastStats.
STATE OF THE MARKET
- The average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
- Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.
INVENTORY
- The City of Chicago’s inventory is down 27.2%, from 8,503 homes in April 2021 to 6,194 homes in April 2022.
- The month’s supply of inventory decreased 28.1%, from 3.2 in April 2021 to 2.3 in April 2022.