December 2022 Washington, IL Real Estate Market Update
This update includes residential single-family homes only.
There is still an inventory shortage of homes for sale in Washington, IL.
New Listings in Washington Illinois
There have been 312 homes listed for sale in Washington in 2022, which is the lowest number by far going back to 2015. There were 500 homes listed for sale last year and 518 homes listed for sale in 2020 YTD.
The average number of homes listed for sale per year between 2015 and 2019 was 532.
Sold Homes in Washington
384 homes have sold so far this year. In 2021, 475 homes were sold, and 466 homes were sold in 2020.
The average number of homes sold per year between 2015 – 2019 was 356, so the number of homes sold in 2022 is still 7% more than the average number sold between 2015 – 2019.
There were only 18 homes that sold or closed in November of 2022 compared to 36 sold homes in 2021 and 29 in November of 2020.
Average Sales Price in Washington
Because the supply is so low, home prices are still the highest on record. The average sale price in Washington in 2022 is $213,071, compared to $200,016 in 2021 and $179,448 in 2020.
Median Sales Price in Washington
The median sales price is also the highest on record at $184,540 compared to $168,618 in 2021 and $159,029 in 2020.
The average median sales price between 2015 – 2019 was $163,953, with the highest median sales price in 2015 at $170,668.
Even though the median sales price year to date is the highest on record, it has cooled as of late. The median sales price in November 2022 was $141,250 versus $187,450 in November 2021. More than eighteen sold homes are needed to give this stat much weight, though.
Average Number Of Days Homes are For Sale Before Selling
Homes are selling in record time in 2022. The average number of days that a home is on the market before selling is 16. In 2021, the average number of days a home was on the market was 29; in 2020, that number was 54.
The average number of days a home was on the market between 2015 and 2019 was 70.4.
Looking at November only, the average number of days a home was on the market before selling in November 2022 was 12, compared to 32 days on the market in November 2021 and 40 days in November 2020.
Median Number Of Days Homes are For Sale Before Selling
Like the average days on the market, the median number of days a home is on the market before selling is also the lowest on record. The median days on the market in 2022 is seven. The median days on the market in 2021 were 12 and 28 in 2020.
The average median days on the market for homes between 2015 and 2019 was 42.8.
The median days on the market for sold homes in November 2022 was only six days! The median days on the market in 2021 was 15, and in 2020 was 13 days.
The average number of Homes For Sale in Washington
In November of 2022, there was an average of 29 homes for sale in Washington High School District. In 2021, there were 37, and there were 52 in 2020.
The average number of homes for sale in November between 2015 and 2019 was 144. The peak was in 2017, when there were 170 homes for sale.
Supply vs. Demand
As you can see, Washington is still in a solid seller's real estate market. Anytime there are three months or less of inventory, it is considered a seller's market. The current month's supply of inventory is only 0.9. In 2021, the monthly supply of inventory was also 0.9, and it was 1.3 months in 2020.
Pending Sales
There are currently 19 homes that have received acceptable offers but have yet to close. There were 26 pending sales in November 2021 and 28 in November 2020.
Pending homes indicate future sales and predict what will likely happen in the next 30-45 days.
In summary
Washington is still a strong seller's market. The inventory is very low, meaning there is more demand than homes for sale. This drives up prices and lowers the time it takes to sell your home. There have been fewer home sales in 2022 than in the previous two years, only because the number of homes listed for sale dropped 38% from last year and 40% from 2020.
If you have been considering selling your Washington home, this is a great time to sell.
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