Post by Daniel Maurer
It's that time of year again when we take a look at the real estate market and see how things have changed in the past month. August was an interesting month for Illinois homeowners and residents, with prices increasing in some areas while dropping in others. Here's a closer look at what happened throughout the area last month.
According to data from Illinois Realtors, real estate transactions in August were down nearly 22% from the same period last year. Interest rates and rising home prices are mostly to blame. The standard 30-year fixed mortgage rate is now at a seven-year high, and inflation is eating into wage growth. As a result, many people are being priced out of the market, and those who are able to buy are often opting for cheaper homes. While this trend isn't great news for sellers, it's good news for buyers who are looking for a home in a balancing market.
YTD closed sales are down 12%
August median sales price increased 3.7% over August '21
August inventory was down 21.9% compared to August '21
These days, it seems like everyone is talking about the cooling real estate market. While it's true that prices are leveling off after a period of rapid growth, it's important to remember that interest rates are still very low by historical standards. Of course, the real estate market is always subject to change, so it's important to consult with a professional before making any decisions. But if you're thinking about buying a home in the near future, don't let the current market conditions deter you – interest rates are still historically low, and now is a great time to buy.
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