CHICAGO (AP) – With prices increasing over 10 percent and inventories incredibly low in 2021, prospective home buyers are wondering what the market holds for next year in Illinois.
Daniel McMillan heads the real estate department at the University of Illinois-Chicago. He believes the increase in housing prices has to come to an end, but expects it to be a gradual occurrence.
Geoffrey Hewings, from the University of Illinois says it continues to be a sellers market, so they can be selective on who they sell to.
Mortgage rates are expected to increase in 2022. Fannie Mae projects the average 30-year fixed-rate mortgage will average 3.3 percent next year.