Market Update: 1st Quarter Review

Dated: April 6 2022

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As we enter the 2nd quarter of 2022, we continue to experience the familiar market conditions of 2021. Our Elmhurst market, like much of the country, is still very much a seller’s market. Rising home prices, limited inventory, and multiple offers continue to define our market.

One major change, however, is the headwinds of the anticipated interest rate hike by the Fed. The Fed made its first of, according to a Kiplinger article, what is predicted to be six interest rate hikes.  At the moment, we have not seen the rate hike affect the collective buyer’s appetite for home purchase.  

In the meantime, our local market in Elmhurst continues to sizzle. Notable statistical changes for Elmhurst compared to March of 2021 include:

The Average Sales Price in Elmhurst increased by 5% to $578,000.

The current housing inventory in Elmhurst is 1.9 months, a 42% decrease from last March.

The number of days it takes from list date to contract date is 33 days, which is a 25% decrease compared to last March.

Despite the news of moderate increases in the historically low interest rates, these statistics indicate that the current market conditions will continue.

If you have questions about the potential impact of rising interest rates on your family's home investment or the housing market in general, contact your LW Reedy agent. We are always happy to help. 

As always, if you are thinking of buying or selling, contact your favorite LW Reedy Agent to help guide you with your decisions.

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