Chicago real estate market stats top national average, Compass reports
The number of homes sold in Chicago last year was well above the national average, Compass found in a new data report. Year over year, the decline in local stocks was also twice as extreme. This report is based on research by EA Stribling-Kivlan, Senior Managing Director of Compass.
According to Stribling-Kivlan’s findings, the average number of homes sold nationwide fell 2.3%, year-over-year, while prices continued to rise: up 15 .4% to reach $350,000, on average, from January 2021 to January 2022. This is the 119th consecutive month. year-on-year price increases.
Meanwhile, inventories continued to decline, down 16.5% year-over-year. In turn, the national average days on market fell from 21 to 19 days.
“While sales volume and median price increased nationally, inventory in January 2022 showed a continued decline,” Stribling-Kivlan said. “It’s amazing how little there is to buy, coupled with buyers looking to scoop up what’s left to try and lock in lower mortgage rates. This can be seen in how quickly homes continue to sell. »
And in Chicago, the statistics are even more striking. The city saw a 7.2% increase in year-over-year home sales in January 2022: a significant contrast to the national decline of 2.3%. Additionally, Chicago’s inventory fell 32.7% year-over-year, nearly double the national average. Due to these factors, Chicago’s demand remains high.