July 14, 2024
Rising Prices Make Affordability More Challenging
Sluggish Home Sales Rule the First Half of 2024
NOTE: These stats reflect the month of June 2024.
Northbrook, IL – July 5, 2024 – In June, the number of units listed and properties sold fell. The market time also was less advantageous in local markets, and the number of new contracts declined. Housing data for June reveals that the number of new listings decreased as compared to the same period in 2023. Additionally, there has been an increase in both average and median sales prices across numerous regions when compared to the previous month. The North-Shore Barrington Association of REALTORS® (NSBAR) reports a decrease in the number of single-family homes under contract.
NSBAR’S latest data shows new listings decreased 6.8 percent to 605, down from 649 a year ago. The number of closed sales also decreased 15.4 percent for June 2024 as compared to last year. The number of homes under contract (contingent and pending) decreased by 10.2 percent. The average sales price rose 1.1 percent in 2024 to $1,020,458 for homes sold in June as compared to $1,009,799 during the same period last year.
The median sales price increased 2.2 percent in June, up to $828,000 as compared to $810,000 during the same period in June 2023, and the average listing price grew 0.3 percent with the percentage of the list price to sale price ratio increasing to 101.0 as compared to 100.2 in June 2023.
In June the inventory of homes for sale in the North Shore and Barrington area decreased by 16.3 percent as compared to a year ago, going to 1,098 homes from 1,312. Additionally, the month’s supply of homes for sale is down by 3.4% to 2.8 months as compared to 2.9 months in June 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-date – 1,810 detached single-family homes sold in the North Shore-Barrington market as compared to 2,000 detached single-family homes sold in 2023. The number of communities in the region reporting an increase in home sales for 2024 was less than in 2023. The median sales price increased 11.2 percent for sales in the North Shore and Barrington areas.
– Barrington area – 190 detached single-family homes have sold year-to-date, down 18.5 percent as compared to 233 detached single-family homes sold in 2023. The median sale price in 2024 was $745,000, up 18.3 percent as compared to $630,000 a year ago.
– Deerfield – 139 detached single-family homes have sold year-to-date, up 3.0 percent as compared to 135 detached single-family homes sold in 2023. The median sales price in 2024 was $700,000, up 15.7 percent as compared to $605,000 a year ago.
– Evanston – 152 detached single-family homes have sold year-to-date, down 15.1 percent as compared to 179 detached single-family homes sold in 2023. The median sale price in 2024 was $697,000, down 1.8 percent as compared to $710,000 a year ago.
– Golf-Glenview – 196 detached single-family homes have sold year-to-date, down 16.2 percent as compared to 234 detached single-family homes sold in 2023. The median sale price in 2024 was $865,000, up 19.3 percent as compared to $725,000 a year ago.
– Lake Forest – 115 detached single-family homes have sold year-to-date, down 14.8% as compared to 135 detached single-family homes sold in 2023. The median sale price in 2024 was $1,300,000 up 22.0 percent as compared to $1,065,000 a year ago.
– Northbrook – 136 detached single-family homes have sold year-to-date, down 21.8 percent as compared to 174 detached single-family homes sold in 2023. The median sale price in 2024 was $770,000, up 10.1 percent as compared to $699,000 a year ago.
– Skokie – 163 detached single-family homes have sold year-to-date matching the 163 detached single-family homes sold in 2023. The median sale price in 2024 was $430,000, up 1.2 percent compared to $425,000 a year ago.
– Winnetka – 72 detached single-family homes have sold year-to-date, down 28.7% as compared to 101 detached single-family homes sold in 2023. The median sale price in 2024 was $1,705,000, up 9.0 percent as compared to $1,563,000 a year ago.
Sales and price information is generated by NSBAR with information from Midwest Real Estate Data (MRED).
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