July 2022 Market Recap

2022 is the year of the seller! We may be approaching the end of summer, but one thing has remained the same all year long—Chicago home prices remain high, and inventory continues to be low.

In July, we continued to experience higher median sale prices year over year.

We’ve also continued to see fewer new listings come on the market compared to the previous year. This lack of inventory has been a contributor to rising sale prices, ultimately leading to sellers getting more money for their homes than they thought possible.

As expected in a low-inventory market, fewer homes closed in July than the previous year. Even though there was a 25% increase in closed listings from the third week of July to the fourth, it was still 34% fewer closed listings than the same week in 2021.

Bottom line—if you’re still considering selling your home to make the most of these current market conditions, it’s not too late!

Related Posts