It’s no secret that this spring has been an unprecedented real estate market – with a very low inventory of homes for sale, and anticipated interest rate increases fueling many homebuyers to house hunt now, the market has been highly competitive. Sellers, if you are considering a move, now is the time!
Median sale prices hit an all-time high
Homes that closed the week of April 11 set a new record for the highest recorded median sale price in the Chicagoland area, $320,000. This is 8% higher than the previous week’s median sale price, and 14% higher than one year ago. Given the surge in buyer demand and low inventory, this comes as no surprise. Many sellers are receiving multiple offers within days of hitting the market, resulting in many homes selling at or above their asking price.
Number of open houses hit a season low
With so many serious buyers jumping on homes as soon as new listings hit the market, it’s also no surprise that the number of open houses hosted last week significantly dropped. There were nearly half as many open houses this past week compared to the week prior. With such high buyer demand, many buyers are scheduling private tours right away and homes are selling before the first scheduled open house even happens. Will open houses be a thing of the past for the remainder of this spring market?
Number of new listings dropped for the first time in a month
This past month, the number of new listings coming on the market has been gradually increasing each week, which was great news for buyers. However, this week the number of new listings dropped – there were 13% fewer new listings than there were last week, and 24% fewer than this same week a year ago. April is typically one of the most popular times for sellers to list their homes, so we’ll be curious to see if this trend continues for the remainder of the month.
With interest rates on the rise, the next few weeks will be an ideal time for sellers to list their home and capitalize on the competitive market conditions. It will also be a critical period for buyers to lock in a low rate to afford more home for their money.