RASI reports on key housing market statistics in Metro-East for August 2022
The REALTOR® Association of Southwestern Illinois (RASI) released its report on key housing market statistics for August 2022 in the Metro-East, noting that August inventory maintained low days on the market. Statistics were provided by MARIS.
Compared to July 2022, home sales in St. Clair County had a 6 percent increase and Madison County had a 7 percent increase. Metro-East home sales were up 5 percent from last month, while Illinois increased 1 percent, with 15,340 homes sold in August 2022.
Compared to August 2021, St. Clair County home sales decreased 12 percent and Madison County had an 8 percent decrease.
Year-to-date home sales in St. Clair County were 2,476, a 9 percent decrease from this time last year. While Madison County had 2,545, a 9 percent decrease. Year-to-Date home sales include homes sold from January 1, 2022, to August 31, 2022.
St. Clair County home prices were up from August 2021, with a 12 percent increase, an average price of $236,855. Madison County home prices were down less than 1 percent, with an average price of $202,341. Home prices in Illinois were up 1 percent, with a median home price of $257,500 compared to August 2021. Metro-East home prices increased 6 percent compared to August 2021. The average home price in the Metro-East, in August 2022, was $172,500.
“Competition continues to make available homes hot commodities and as a result they are selling faster than this time last year,” says Sam Row of Keller Williams Pinnacle and President of the REALTOR® Association of Southwestern Illinois.
Days on Market
Homes sold faster in most Metro-East counties in August 2022. Homes in St. Clair County sold the same amount time last year. While Madison County homes sold 2 percent slower. In the state of Illinois, the average days on market statistic was down 4 percent. The metro-east average amount of time a house stays on the market is 58 days. Which is down from 64 days in August 2021.
The REALTOR® Association of Southwestern Illinois (RASI) has over 1,000 members. Its mission is empowering the success of REALTORS® and Affiliates while advocating for private property rights in Southwestern Illinois.