Tight real estate market for Chicago January 2022

Not a ton of relief in January 2022 for Chicago house hunters.  Inventory was low and average prices high.  As market time creeps up sellers need to be aware of rising mortgage interest rates that were about 3.7%  for a 30yr fixed last week.

MARKET SNAPSHOT — CITY OF CHICAGO

*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.

• 1,821 properties were sold in the City of Chicago in January 2022. This is a 7.3% increase from January 2021.
• The median sales price in the City of Chicago for January 2022 was $310,000, the same as this time last year.
• The City of Chicago saw listings average 89 days on the market until contract, a 4.7% increase from January 2021.

INVENTORY

• The City of Chicago’s inventory is down 32.7%, from 8,294 homes in January 2021 to 5,578 homes in January 2022.
• The month’s supply of inventory decreased 45.9%, from 3.7 in January 2021 to 2.0 in January 2022.