September 16, 2024
Prices Still Booming As Fall Approaches
Limited Supply Keeps Sales Low
NOTE: These stats reflect the month of August 2024.
Northbrook, IL – September 13, 2024 – In August, the number of units listed and the number of properties sold dropped. Additionally, the market time has improved in local markets, while new contracts decreased. Housing data for August shows the number of new listings have decreased as compared to the same period in 2023. Additionally, 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) also reports an increase in the number of single-family homes under contract.
NSBAR’S latest data shows new listings decreased 7.6 percent to 498, down from 539 a year ago. The number of closed sales decreased 9.4 percent for August 2024 as compared to last year. The number of homes under contract (contingent and pending) also decreased 10.3 percent. Yet, the average sales price is up 14.7 percent in 2024 to $1,070,099 for homes sold in August as compared to $932,835 during the same period last year.
The median sales price rose 12.8 percent in August to $840,000 as compared to $745,000 during the same period in August 2023, and the average listing price also increased 13.3 percent with the percentage of the list price to sale price ratio increasing to 99.8 as compared to 98.6 in August 2023.
The inventory of homes for sale in the North Shore and Barrington area increased by 22.6 percent in August as compared to a year ago, rising to 1,265 from 1,031. The month’s supply of homes for sale is up by 23.3 percent to 3.7 months as compared to 3.0 months supply in August 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-date – 2,691 detached single-family homes have sold in the North Shore-Barrington market as compared to 2,867 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 those in 2023. However, the median sales price increased 11.5 percent for sales in the North Shore and Barrington areas.
– Barrington area – 295 detached single-family homes have sold year-to-date, down 11.1 percent as compared to 332 detached single-family homes sold in 2023. The median sale price in 2024 was $750,000, up 12.1 percent as compared to $669,000 a year ago.
– Deerfield – 185 detached single-family homes have sold year-to-date, down 4.6 percent as compared to 194 detached single-family homes sold in 2023. The median sales price in 2024 was $700,000, up 11.6 percent as compared to $627,000 a year ago.
– Evanston – 230 detached single-family homes have sold year-to-date, down 5.3 percent as compared to 243 detached single-family homes sold in 2023. The median sale price in 2024 was $737,000, up 3.9 percent as compared to $710,000 a year ago.
– Golf-Glenview – 293 detached single-family homes have sold year-to-date, down 12.5 percent as compared to 335 detached single-family homes sold in 2023. The median sale price in 2024 was $875,000, up 16.7 percent as compared to $750,000 a year ago.
– Lake Forest – 171 detached single-family homes have sold year-to-date, down 13.6 percent as compared to 198 detached single-family homes sold in 2023. The median sale price in 2024 was $1,245,000, up 16.9 percent as compared to $1,065,000 a year ago.
– Northbrook – 207 detached single-family homes have sold year-to-date, down 13.4 percent as compared to 239 detached single-family homes sold in 2023. The median sale price in 2024 was $775,000, up 10.5 percent as compared to $701,000 a year ago.
– Skokie – 231 detached single-family homes have sold year-to-date, down 1.7 percent as compared to 235 detached single-family homes sold in 2023. The median sale price in 2024 was $440,000, up 2.1 percent as compared to $430,000 a year ago.
– Winnetka – 115 detached single-family homes have sold year-to-date, down 20.7 percent as compared to 145 detached single-family homes sold in 2023. The median sale price in 2024 was $1,750,000, up 10.4 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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