|
With rising home prices and interest rates, many Illinois
homeowners are staying put, keeping housing inventories low
around the state. According to Illinois Realtors, there are
nearly 30% fewer homes on the market in Illinois than this time
last year.
Chicago has seen a 26% decrease in housing inventories in
comparison to last year, Joliet a nearly 34% decrease, and
Rockford has seen an over 46% decrease in available homes.
In Rockford, homes are only averaging eight days on the market,
the seventh lowest average in the country.
Doug Ressler, manager with the real estate website
Point2Homes.com, said the inventory problem is not confined to
Illinois.
“The lack of inventory is a problem nationwide,” Ressler said.
“What’s happening is people are sitting on their homes, the
builders aren’t building because the transactions are just not
occurring and the home sales are not there.”
For sale inventory has reached near historic lows, with 28 of
the 200 largest U.S. housing markets having their housing stock
cut in half since 2022. California’s Fremont and Sunnydale
markets are now seeing 60% fewer homes compared to last year.
As a result of the contributing factors, home sales are lagging
in the Land of Lincoln. In September 2023, a total of 11,483
homes sold was 17.4% lower than 13,900 sold in September 2022.
That includes single-family homes and condominiums.
Ressler said he expects the issues affecting the Illinois
housing market to stay in place for some time.
“The way it stands right now, we don’t see any relief until 2025
when interest rates start to decelerate,” Ressler said.
|
|
