Home Prices Rose 19.1% Year Over Year in January 2022

National home prices increased 19.1% year over year in January 2022, according to the latest CoreLogic Home Price Index (HPI®) Report. The January 2022 HPI gain was up from the January 2021 gain of 9.4% and was the highest 12-month growth in the U.S. index since the series began in 1976. While home price growth is expected to slow over the next 12 months, the CoreLogic HPI Forecast shows that the year-over-year change in the HPI will remain in the double digits for at least the first seven months of 2022.

(source: CoreLogic)

What does this mean to you as a home seller? If you’ve had thoughts of selling in 2022, doing so sooner rather than later can be advantageous. In the current suburban Chicago market, many buyers have gotten an earlier start on the home search this year. Mortgage rates increasing, as well as home prices increasing, are leading to even more buyer demand.

What does this mean to you as a home buyer? For the time being, prices have gone up. Multiple offer situations in the most common price ranges can be inevitable. If you’re thinking of buying, consider what rising mortgage rates and home prices means for your monthly payment. Many buyers are actively looking to move soon and are not waiting in hopes that prices will decrease. As the saying goes: buy real estate and wait; don’t wait to buy real estate.

Whether you’re thinking of buying, selling or investing in the Chicago suburbs, or southern Wisconsin, let’s chat!

Kristine Glockler, REALTOR, ABR, AHWD, CNHS, e-PRO, PSA, RCC, RENE

(708) 480-2011 or you can click the contact us tab at the top right corner of our website home page.