Housing Market Forecasts for the End of 2022

Lisa Wenzel September 16, 2022

 
The housing market is at a turning point, and you may be wondering if it is still a good time to buy a home. The number of homes for sale has increased this year, partly due to more listings, and higher mortgage rates.
 
Homebuyers are concerned about mortgage rates and where will they go in the coming months. Housing market experts know that the record-low mortgage rates during the pandemic were unusual.
 
Mortgage rates have climbed this year. Greg McBride, Chief Financial Analyst at Bankrate said, “Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.”
 
Whether you’re buying your first home or selling your current home, mortgage rates are an important factor to consider. When mortgage rates rise, they impact affordability and your purchasing power. That’s why it’s crucial to work with a team of real estate professionals, so you have expert advice to help you make an informed decision.
 

Homes for Sale Projected to Increase

The number of homes for sale this year has increased. That is partly due to more listings, and higher mortgage rates have helped with buyer demand. Controlling buyer demand slows down the pace of home sales, which in turn helps the housing inventory rise.
 
Experts project that growth will continue. Realtor.com increased its projections for inventory gains dramatically, going from a 0.3% increase at the beginning of the year to a 15.0% jump by the end of 2022.
 
 
The housing supply is still low, so you should work with a real estate agent to stay on top of what is available in your market and move fast. It’s not going to be easy to find a home, but it won’t be as difficult as it has been over the past two years.
 

Housing Market Continues to Appreciate

Even though housing inventory is slowly increasing, home prices continue to rise because there are still more buyers than homes for sale. Experts are forecasting that home prices will continue to climb at a more moderate pace, about 8.5% on average this year.
 
 
If you’re thinking about buying a home, it may make sense to do so now before prices climb higher. Contact a real estate agent from Wenzel Select Properties today to discuss your goals and assist you with the best plan for your move. Call (630) 430-4790. Our real estate office is in the heart of downtown Downers Grove. We are just minutes away from Interstates 88, 355, 55, 290, and 294. Wenzel Select Properties real estate brokers are available to meet with you 7 days a week – Monday through Sunday.

Recent Blog Posts

Stay up to date on the latest real estate trends.

Is Clarendon Hills The Right Fit For Your Next Home

Home Buyer Information

The Ultimate Guide to Living in Darien

If you have been searching “homes for sale in Darien IL,” “quiet suburbs near Chicago,” or “best places to live in DuPage County,” Darien is a name you should not over… Read more

Home Seller Information

6033 Brookbank Road Sells for $10,000 Over Asking: What This Means for the Downers Grove Market

A recent sale at 6033 Brookbank Road in Downers Grove closed $10,000 over asking price, highlighting that well-positioned homes in the area are still attracting strong… Read more

Community News

Downers Grove Park District Concerts in the Park Summer Guide

Summer in Downers Grove means live music, community gatherings, and relaxed Tuesday evenings at Veterans Memorial Pavilion in Fishel Park. The Downers Grove Park Distr… Read more

Home Buyer Information

36 Coming Soon Homes in Downers Grove, Lisle, and Westmont: How Wenzel Select Properties Clients Get First Access

There are currently 36 properties marked as coming soon across Downers Grove, Lisle, and Westmont, signaling a strong wave of upcoming inventory in the western suburbs… Read more
From Wicker Park To Downers Grove: Lifestyle Tradeoffs

Community News

Memorial Day Weekend 2026: Local Parades & Ceremonies Happening Around the Western Suburbs

If you are looking for ways to honor Memorial Day while spending time with family and friends, here are several local events taking place this weekend throughout the C… Read more

WSP Listings

Split-Level Living with Pond Views in Oak Forest

This move-in ready split level in Oak Forest is a standout and ready for it's new owner. Enjoy 3 bedrooms, 2 bathrooms, 2 car garage and spectacular pond views!

Community News

Taste of Westmont 2026: Food, Music, Carnival, and Summer Fun in Downtown Westmont

The Taste of Westmont transforms downtown into a multi-day summer festival filled with food, live music, carnival rides, and community celebration. It is one of the si… Read more
View All

Work With Us

We pride ourselves in providing personalized solutions that bring our clients closer to their dream properties and enhance their long-term wealth. Contact us today to discuss all your real estate needs!

Contact Us
Get in Touch
Contact Details

Wenzel Select Properties

(630) 430-4790

[email protected]



4941 Main St
Downers Grove IL 60515