August 16, 2024
Sales and Contracts Increase
Demand Still High As Prices Continue Their Rise
NOTE: These stats reflect the month of July 2024.
Northbrook, IL – August 16, 2024 – In July, the number of units listed and properties sold fell. Market time became less advantageous in local markets, but new contracts increased. Housing data for July shows the number of new listings dropped as compared to the same period in 2023. Correspondingly, there has been an increase in both the average and median sales prices across numerous regions when compared to the previous month. The North-Shore Barrington Association of REALTORS® (NSBAR) reports an increase in the number of single-family homes under contract.
NSBAR’S latest data shows that new listings decreased by 5.1 percent to 545, down from 574 a year ago. However, the number of closed sales increased by 11.4 percent for July 2024 as compared to last year. The number of homes under contract (contingent and pending) also increased 1.1 percent. Moreover, the average sales price is up 3.7 percent in 2024 to $1,034,633 for homes sold in July as compared to $997,854 for the same period last year.
The median sales price rose 11.6 percent in July, to $837,250 as compared to $750,000 during the same period in July 2023, and the average listing price increased 3.0 percent with the percentage of the list price to sale price ratio increasing to 100.2 percent as compared to 99.6 in July 2023.
The inventory of homes in the North Shore and Barrington area decreased by 4.7 percent in July as compared to a year ago, dropping to 1,044 from 1,096. The month’s supply for sale is also down 20.0 percent to 2.4 months as compared to 3.0 months in July 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-date – 2,285 detached single-family homes have sold in the North Shore-Barrington market as compared to 2,422 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 by 12.6 percent for sales in the North Shore and Barrington areas.
– Barrington area – 254 detached single-family homes have sold year-to-date, down 8.5 percent as compared to 278 detached single-family homes sold in 2023. The median sale price in 2024 was $742,000, up 14.3 percent as compared to $649,000 a year ago.
– Deerfield – 163 detached single-family homes have sold year-to-date, down 1.2 percent as compared to 165 detached single-family homes sold in 2023. The median sales price in 2024 was $705,000, up 13.7 percent as compared to $620,000 a year ago.
– Evanston – 195 detached single-family homes have sold year-to-date, down 7.6 percent as compared to 211 detached single-family homes sold in 2023. The median sale price in 2024 was $700,000, down 1.4 percent as compared to $710,000 a year ago.
– Golf-Glenview – 251 detached single-family homes have sold year-to-date, down 11.3 percent as compared to 283 detached single-family homes sold in 2023. The median sale price in 2024 was $870,000, up 20.0 percent as compared to $725,000 a year ago.
– Lake Forest – 142 detached single-family homes have sold year-to-date, down 15.5 percent as compared to 168 detached single-family homes sold in 2023. The median sale price in 2024 was $1,247,000, up 17.1 percent as compared to $1,065,000 a year ago.
– Northbrook – 173 detached single-family homes have sold year-to-date, down 16.4 percent as compared to 207 detached single-family homes sold in 2023. The median sale price in 2024 was $775,000, up 10.7 percent as compared to $700,000 a year ago.
– Skokie – 198 detached single-family homes have sold year-to-date, up 3.1 percent as compared to 192 detached single-family homes sold in 2023. The median sale price in 2024 was $437,000, up 2.3 percent as compared to $427,000 a year ago.
– Winnetka – 95 detached single-family homes have sold year-to-date, down 22. percent as compared to 123 detached single-family homes sold in 2023. The median sale price in 2024 was $1,715,000, up 8.2 percent as compared to $1,585,000 a year ago.
Sales and price information is generated by NSBAR with information from Midwest Real Estate Data (MRED).
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