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Your June 2022 Housing Market Update

What impact (if any) have rising interest rates had on the market?

Mortgage interest rates are rising, which has many buyers and sellers worried about their real estate plans. Today I’ll go over the latest data to explain how rising rates are impacting the Chicagoland market.

The median price for single-family homes has risen 8.9% since last year. Homes are also selling faster than in 2021; the median market time for homes dropped by 56.8% to just 19 days year over year. Closed sales increased by 11.1%. That’s all driven by our inventory levels, which fell 54% since last year.

For condos, the median sales price remains relatively flat, only dropping by 1.2% since last year. The median market time for condos dropped 10.3% year over year. Like the single-family market, condo sales increased by 18%, and inventory fell by 47%.

“With our lack of inventory, our market will likely remain stable or continue to slowly rise.”

Rising interest rates haven’t yet impacted the market. Though news about rate hikes does make people nervous, you need to look at it from a historical perspective. At 1:47 in the video above, you’ll see a graph that shows the average mortgage rate for each of the five previous decades. Comparatively, our rate is still low—just not as low as they were last year.

People are also scared about the prospect of a recession. At 2:17 in the video, you’ll see a chart that shows how in four of the last six recessions we’ve experienced, home prices actually increased. With our lack of inventory, our market will likely remain stable or continue to slowly rise.

If you’re looking to buy or sell, or if you have any questions about what’s happening in today’s market, give me a call or send me an email. I’d love to help you.

Check out these links for more information!

Single Family Home Median Sales Price

Single Family Homes Median Market Time

Single Family Home Supply

Single Family Home Closed Sales

Condo Median Sales Price

Condo Median Market Time

Condo Month Supply

Condo Closed Sales

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John Lyons

Tired of traveling week-in and week-out for his corporate job, John Lyons decided to start his own real estate business. Lyons could not have predicted how well his background would prepare him for a career in real estate. His journey has been a long and successful one. After graduating from Indiana University in 2001, he took a job selling copiers at Minolta Business Solutions. After building an impressive track record there, he was hired by BrainLAB, Inc. to sell image guides surgical systems. He quickly rose to become one of the top sales representatives for the company. Seven years later, he was hired by Midwest director of sales IMRIS, for their intraoperative MRI and integrated operating room solutions. Now he has a new outlet for his sales abilities: real estate. A Chicago Association of Realtors Top Producer and recipient of Baird and Warner’s Founder’s Club award for the past four years, Lyons had a record 2018, selling more than 11.7 million in real estate. This marked an 18 percent increase over his 2017 numbers. “I was able to accomplish this through daily prospecting and providing a high-level of service for my clients,” he says. In testimonials, his clients say he is patient, trustworthy, personable, knowledgeable, and professional. “Each and every client is so different,” he says. “It’s important to truly understand their needs so you can best serve them. Listening build trust, which is so incredibly important in our business.” A member of the Lakeview Chamber of Commerce, he assist clients in a variety of neighborhoods, including the Near North Side, Lincoln Park, Lake View, Uptown, Ravenswood, Logan Square, West Town, and the Loop. He is quick to admit the best education he has ever received was from his 6 years of service in the United States Marine Corps. Lyons donates $200 per transaction to the Neonatal Intensive Care Unit at Lurie Children’s Hospital. “I am running the Chicago Marathon in 2019 for Lurie Children’s Hospital,” he says. “I have a lofty goal this year, to qualify for the Boston Marathon a second time. Since the beginning of the year, I have been spending at least four hours a week training for the October 13 race.” Results matter, here are John's Listing Numbers: Average list to sell ratio - 98.2% Average days to closing - 52 Listings taken to listings sold - 99%

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