2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown across the nation. 

Affordability challenges continue to limit market activity, with home sales down month-over-month  and higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions change before selling their home. (RMLS ALLIANCE LLC)

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. Sangamon County is not considered a "more expensive area" so we won't feel that decline as much as other  

Our monthly market update showcases everything you need to know about local real estate trends over the last month.