August 2022 Oswego Real Estate Market Review

By
Managing Real Estate Broker with Heart Realty Group, Inc.. IL-471.002355

I just did a quick look at the August closed single family numbers and it appears that buyers have stepped back from the market as there were only 49 closed sales in the detached single family homes in August, 2022.  These numbers are not  "official" and I will update as soon as MRED publishes the final numbers.

The lowest priced home was a 2 bedroom 1 bath home in downtown Oswego for $160K and the highest priced home was a 5 bedroom 3.5 bath home on 1 acre with a walkout basement for $935K (originally listed at $1.25M).  

Let's compare to home sales in August 2021 which had 56 closed sales.  It's obvious buyers have stepped back as those pesky interest rates have made it more difficult to qualify for the same priced home in August 2022.

A quick google search shows that on August 5, 2021 the average interest rate* was 3.004%.  Today's rate is on average is close to 6%.   A simple comparison shows that at 3.004%, with a 5% down payment the principal & interest payment would be $1,207.73.  The same $300K home at today's approximately 6% interest rate brings the principal and interest payment at $1708.72.   Almost a $500 dollar a month increase!  Let's add average property taxes of $500 a month and another $175 a month for home insurance and today's home  mortgage price becomes $2383 for that $300K home that is probably smaller than last year's and because of price appreciation in a  different subdivision.

I took into account, home insurance and property taxes but not HOA fees.  Property Taxes on the low end are currently around $5,800 and on the higher end about $8,200.   As you can see, that mortgage payment quickly left a lot of people out of the market for the same priced home from a year ago.

What a difference a year makes!  

*Interest rates are tied to your credit score, debt usage and other criteria!

Posted by

Evelyn Santiago

Managing Broker/Owner - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

Comments (2)

Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Have a lovely Labor Day weekend.

Sep 03, 2022 05:21 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Hi,

Enjoyed your blog page, and I added you as a friend. I would love the follow back. Thanks Bill

Sep 03, 2022 06:07 AM