Chicago area homes are selling faster than ever

Homes in the city are under contract in an average of 25 days. And that’s the fastest on record.

In both cases, the previous record was set exactly one year earlier, in July 2021. That month, metro area homes went under contract in an average of 21 days and city homes in 31.

In the five years before the Covid-19 pandemic-era housing boom from 2015 to 2019, the average July market duration in metro areas was a little more than 40 days, and in cities, it was a little more than 36 days.

Namely, MetroRide, homes are selling at more than double the rate they were before Covid.

Nationally, homes sell on the market in an average of 14 days, according to data released separately by the National Association of Realtors. That’s down 17 days from last year and is the fastest in NAR records, which date back to May 2011.

Sales speed is mostly a function of low inventory. Domestic shoppers looking to shop before interest rates rose found the shelves empty. The number of homes on the market in July fell 17.1% in the city and 19.6% in the metro area from a year earlier, according to data from Illinois Realtors.

Another reflection of extremely low inventory: The number of homes for sale in the Chicago area fell sharply in July.

In the nine-county Chicago metro area, 10,400 homes sold last month, according to Realtor Monthly data. It is down 25.6 percent from July 2021.

In the year In 2020, except for the first months of the pandemic, when the market was briefly paralyzed, it was the biggest drop since August 2011, when the housing market struggled to recover from the crash a few years ago.

It’s the largest drop in sales since the pre-pandemic norm, the first sign of a decline seen in May home sales data. In the year Although home sales in 2022 were below the comparable months in red-hot 2021, Crain’s tracked 2022 figures against the five-year average for the pre-pandemic years of 2015-2019. During that period, July sales averaged 11,916. July 2022 sales were down 12.7 percent from the average.

The same goes for the city. In Chicago, 2,426 homes sold in July, down 27.6 percent from July, and down 13.7 percent from the pre-pandemic average of 2,813 July sales.

Obviously, the sales numbers are not up to par with pre-Covid times, but in 2019, As home sales begin to increase in mid-2020, the housing pipeline may simply not have enough supply to keep up.

The sales decline was greater than the national average. National home sales fell 20.2% in July, NAR said. It does not provide enough data to compare with pre-pandemic sales.

Local home price growth was moderate in July.

The median price of homes sold in the metro area was $325,000, a 4.8% increase from a year ago. It is roughly in line with the year-over-year inflation trend in the 4.5% to 7% range.

In Chicago, the median price of homes sold in July was $350,000, a 1.4% increase from July 2021. It was the second straight month of positive, if shallow, price growth after five months of flat prices in the city.

The growth here is small compared to the national figure. Nationally, home prices rose 10.8% in July, according to the National Association of Realtors.

The Illinois Realtors data uses the U.S. Census Bureau’s definition of the Chicago metro area, which includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.

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