October 13, 2024
Listings Finally On The Rise
Minor Market Shift as the Third Quarter Concludes
NOTE: These stats reflect the month of September 2024.
Northbrook, IL – October 11, 2024 – In September, while the number of properties that sold dropped, the number of units listed rose. Market time became more advantageous in local markets. The number of new contracts increased with housing data for September showing more new listings 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 an increase in the number of single-family homes now under contract.
NSBAR’S latest data reports that new listings increased 6.3 percent to 493, up from 464 a year ago. However, the number of closed sales decreased 9.1 percent in September 2024 as compared to last year. Yet the number of homes under contract (contingent and pending) increased 0.7 percent. Average sales price rose 5.9 percent in 2024 to $927,872 for homes sold in September as compared to $876,254 for the same period last year.
The median sales price rose 2.0 percent in September, up to $708,750 as compared to $695,000 during the same period in September 2023. Also, the average listing price increased 3.7 percent. But the percentage of the list price to sale price ratio decreased to 98.2 percent as compared to 99.0 percent in September 2023.
The inventory of homes in the North Shore and Barrington area increased by 5.0 percent in September, as compared to a year ago, going to 1,047 from 994 homes for sale. Thus, the month’s supply of homes for sale is up 10.8 percent to 3.7 months as compared to only 3.3 months’ supply in September 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-date — 2,994 detached single-family homes have sold in the North Shore-Barrington market as compared to 3,197 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 – 337 detached single-family homes have sold year-to-date, down 9.4 percent as compared to 372 detached single-family homes sold in 2023. The median sale price in 2024 was $731,000, up 7.6 percent as compared to $695,000 a year ago.
– Deerfield – 204 detached single-family homes have sold year-to-date, down 6.0 percent as compared to 217 detached single-family homes sold in 2023. The median sales price in 2024 was $700,000, up 7.5 percent as compared to $651,000 a year ago.
– Evanston – 249 detached single-family homes have sold year-to-date, down 8.1 percent as compared to 268 detached single-family homes sold in 2023. The median sale price in 2024 was $725,000, up 2.6 percent compared to $706,000 a year ago.
– Golf-Glenview – 324 detached single-family homes have sold year-to-date, down 14.5 percent as compared to 379 detached single-family homes sold in 2023. The median sale price in 2024 was $873,000, up 20.3 percent compared to $725,000 a year ago.
– Lake Forest – 190 detached single-family homes have sold year-to-date, down 13.7%, as compared to 219 detached single-family homes sold in 2023. The median sale price in 2024 was $1,245,000, up 18.2 percent as compared to $1,053,000 a year ago.
– Northbrook – 225 detached single-family homes have sold year-to-date, down 14.8 percent as compared to 264 detached single-family homes sold in 2023. The median sale price in 2024 was $780,000, up 10.3 percent as compared to $707,000 a year ago.
– Skokie – 263 detached single-family homes have sold year-to-date, is up 2.3 percent as compared to 261 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 – 129 detached single-family homes have sold year-to-date, down 17.3 percent as compared to 156 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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