According to RE/MAX, January home sales in the seven-county Chicago metro area rose 36 percent from January of 2022. Home prices are also rising in several Chicago-area counties and homes are spending less time on the market.
“The absolute number of homes sold in January tends to be relatively modest in relationship to other months, but the 36 percent year-over-year increase suggests that the rebound in housing activity is maintaining, if not increasing, its momentum,” said Laura Ortoleva, a spokesperson for RE/MAX Northern Illinois.
While home sales increased in all seven metro counties, some fared better than others. Kendall County home sales rose 69 percent, Cook County home sales rose 39 percent and McHenry and Will County home sales rose 28 percent.
In further good news, the average time a Chicago home spent on the market decreased from 174 days in January 2022 to 142 days.
Lastly, homes in several countries are seeing an improvement in prices. Kane County home prices rose 17 percent last month, while home prices in Kendall County rose by 5 percent.
If January is any indication, it looks as if 2023 will continue to be a good year for the Chicago real estate market, especially as we head into the busier spring season.