Housing prices continue to increase in Chicago area

Homes in the Chicago area are selling more quickly than they did at this time last year, according to a recent report from Illinois Realtors.

In the greater Chicago area, homes sold in an average of 38 days on the market in January 2022, less than the average 40 days on the market in 2021. In the city of Chicago, homes stayed on the market longer than the previous year, with an average of 47 days, compared to 45 last year at this time.

In January, 7,120 homes were sold in the Chicago Metro Area, compared with 7,189 homes the previous January, amounting to a one percent decrease in sales. That data includes both single-family homes and condos. The median home sale price last month was up 5.6 percent from 2021 at $285,000, compared with $270,000 in January 2021.

In contrast, within the city of Chicago, there were 1,801 home sales in January, up 6.1 percent from January 2021 sales of 1,698 homes. The median price of a home in Chicago in January was $310,000, the same as it was in January 2021.

“Prices increased again while sales have continued to decline throughout Illinois,” Daniel McMillen, head of the Stuart Handler Department of Real Estate at the University of Illinois at Chicago, said in the release. “However, the SHDRE forecast now indicates an increase in the number of sales over the next three months. Foreclosures have increased significantly but remain low by historical standards. Surveys indicate that consumers are becoming more pessimistic about the state of the economy.”