Amid rising prices and hiking interest rates, Illinois homes sold faster in February 2022 than in the year prior, according to new data from Illinois REALTORS®.
The average home in Illinois sold in 41 days, an 11-day decrease year over year, while the average Chicago metro home spent 39 days on the market, a six-day decrease. However, for homes within the city proper, the difference was less significant: down just one day, on average, to 49.
Overall, though, fewer homes were for sale in Illinois in February: down a whopping 34.1% to 17,650, year over year. And reflecting that slide in inventory, sales were down 2.2% in the state with 9,869 homes sold. In the city of Chicago, however, home sales were up 13.3% with 1,879 total homes sold.
“While inventory might continue to be an issue, we remain optimistic over the next few months with the warm weather and start of the spring selling season on the horizon,” Illinois REALTORS® President Ezekiel “Zeke” Morris said of the findings. “Although home sales in Illinois dipped from last year, homebuyers still snatched up what they were looking for quickly to lock in financing before mortgage rates rise again.”
The ongoing price growth has also spurred buyers as the statewide median price rose 6.4% since last year, to $240,000. In the Chicago metro, the median sale price of $290,000 reflected a 7.4% increase. And in the city proper, the median price was even higher at $320,000 — though that is no change from February 2021.
“Despite rising interest rates, buyers remained dedicated to getting into homes, and well-priced homes continued to move quickly off the market,” Antje Gehrken, president of the Chicago Association of REALTORS®, said in the Illinois REALTORS® press release . “The strong real estate market continued in February with increasing closed sales and a steady median sales price.”