Potential buyers arrive to look at a home for sale in Northbrook on March 30, 2022, during an open house. A new report Friday from Illinois Realtors showed the number of home sales dropped 15% statewide in 2022.
While the annual median price of homes was 4% higher in 2022 than in 2021 statewide, prices and sales are now lower than they were at this time last year, with another drop in December, according to Illinois Realtors, a trade association for real estate agents.Chicago median home sale prices in 2022 remained the same as the prior year at $335,000, according to Illinois Realtors. But in December, prices were down 8.1% compared with the same month in 2021.
The upside for potential buyers is that monthly mortgage payments for a home purchased for around $300,000 fell 0.8% last month to $1,552, though they are still about 58% higher than the prior December, Zillow data shows. Freddie Mac data has national rates for a 30-year fixed-rate mortgage at 6.15% this week, down from the 7.08% peak on Nov. 10, 2022.
Won't matter until interest rates go down along with Illinois excessive taxes. Otherwise, folks can't afford the note and if they try to they get taxed out of nicer homes.