2022: Another unprecedented year in Illinois real estate

In a year that was anything but normal for Illinois real estate, median sales prices were up from 2021 to 2022 and sales were down. Mainstreet's 2022 annual data shows there were 35,741 single-family homes sold in 2022, a 22.5% decrease from 2021 when there were 46,109 sold. Low inventory was also a factor in increasing median sale prices for detached homes, which were up 5.5% from $325,000 in 2021 to $343,000 in 2022. "Last year started out with the pandemic market, where buyers were actively pursuing home purchases and the market was really competitive," said Debbie Pawlowicz, president for the Mainstreet Board of Directors.