Critical September 2022 market data every buyer and seller should know.
What are the latest market changes in Chicago real estate? September data is out, and today I’ll share a few critical market indicators to help guide your buying and selling plans.
At 0:17 in the video, you’ll see a graph pulled from the MLS showing aggregated data in the Rogers Park area. Despite interest rates hitting record highs of almost 7%, detached single-family home prices increased by 10.4% from this point last year, while condos are up by 1.6%. This means that property values are still appreciating despite the Federal Reserve’s interest rate hikes.
“Property values are still appreciating despite the Federal Reserve’s interest rate hikes.”
Meanwhile, inventory levels continue to drop. Detached single-family homes are down 40% from last year at 2.1 months of inventory, while condos are down 44% at 2.9 months of inventory. This means if no further listings were to hit the marketplace today, it would take nearly three months for buyers to purchase all the properties. Anything below six months of inventory is a seller’s market. Since inventory is still low, prices continue to rise despite rising interest rates.
Our median market time is doing well and is down 40% and 21% this time last year for single-family homes and condos, respectively. 30 days is the median market time for condos, while 16 days is for single-family homes. As for the negotiations, sellers are receiving nearly 100% of their asking prices—98.9% for condos and 98.8% for single-family homes.
The Federal Reserve will likely ease off with the rate hikes, but I don’t think the Chicago market will turn any time soon. If you have questions about this topic or anything related, call or email me. I’m always happy to help!