The REALTOR® Association of Southwestern Illinois (RASI) has released the following statistics for the Metro East housing market:
July Inventory Maintains Low Days on Market
Compared to June 2022, home sales in St. Clair County had a 14 percent decrease and Madison County had a 15 percent decrease. Metro-East home sales were down 11 percent from last month, while Illinois decreased 17 percent, with 15,068 homes sold in July 2022.
Compared to July 2021, St. Clair County home sales decreased 18 percent and Madison County had a 7 percent decrease.
Year-to-date home sales in St. Clair County were 2,109, an 8 percent decrease from this time last year. While Madison County had 2,183, a 9 percent decrease. Year-to-Date home sales include homes sold from January 1, 2022, to July 31, 2022.
St. Clair County home prices were up from July 2021, with a 16 percent increase, an average price of $236,805. Madison County home prices were up 10 percent, with an average price of $215,821. Home prices in Illinois were up 4 percent, with a median home price of $272,975 compared to July 2021. Metro-East home prices increased 8 percent compared to July 2021. The average home price in the Metro-East, in July 2022, was $190,250.
“Homes are continuing to sell quickly and home prices continue to increase,” says Karen Sheesley of RE/MAX Preferred and President of the REALTOR® Association of Southwestern Illinois.
Days on Market
Homes sold faster in most Metro-East counties in July 2022. Homes in St. Clair County sold 20 percent faster than last year. While Madison County homes sold 33 percent faster. In the state of Illinois, the average days on market statistic was down 20 percent. The metro-east average amount of time a house stays on the market is 49 days. Which is down from 57 days in July 2021.