May 15, 2024
April Home Prices Climb
Listings Decrease Locally As They Increase Nationwide
NOTE: These stats reflect the month of April 2024.
Northbrook, IL – May 10, 2024 – In April, the number of units listed and properties sold decreased, and the market time became less advantageous in local markets. Additionally, there was a decline in new contracts. Housing data for April shows the number of new listings decreased as compared to the same period in 2023. Moreover, 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 a decline in the number of single-family homes under contract.
NSBAR’S latest data shows new listings decreased 4.7 percent to 586, down from 615 a year ago. The number of closed sales also decreased by 7.8 percent for April 2024 as compared to last year. The number of homes under contract (contingent and pending) fell by 10.8 percent. Meanwhile, the average sales price rose by 12.0 percent in 2024 to $958,466 for homes sold in April as compared to $856,032 for the same period last year.
The median sales price was up 18.3 percent in April to $800,000 as compared to $676,500 during the same period in April 2023, while the average listing price increased by 10.8 percent. The percentage of the list price to sale price ratio also increased to 100.5 percent of asking price compared to 99.5 percent April 2023.
At the same time, the inventory of homes in the North Shore and Barrington area decreased by 4.7 percent in April as compared to a year ago, going to 1,048 from 1,095 available homes for sale. The month’s supply for sale is up 19.3 percent to 3.7 months as compared to 3.1 months in April 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-date — 962 detached single-family homes sold in the North Shore-Barrington market as compared to 1,047 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 6.6 percent on sales in the North Shore and Barrington areas.
– Barrington area – 100 detached single-family homes sold year-to-date, down 25.4 percent as compared to 134 detached single-family homes sold in 2023. The median sale price in 2024 was $667,000, up 8.5 percent as compared to $615,000 a year ago.
– Deerfield – 75 detached single-family homes sold year-to-date, up 11.9 percent as compared to 67 detached single-family homes sold in 2023. The median sales price in 2024 was $690,000, up 24.5 percent compared to $554,000 a year ago.
– Evanston – 84 detached single-family homes sold year-to-date, down 11.6% as compared to 95 detached single-family homes sold in 2023. The median sale price in 2024 was $665,000, up 5.9 percent compared to $628,000 a year ago.
– Golf-Glenview – 106 detached single-family homes sold year-to-date, down 7.8% as as compared to 115 detached single-family homes sold in 2023. The median sale price in 2024 was $850,000, up 21.3 percent as compared to $701,000 a year ago.
– Lake Forest – 65 detached single-family homes sold year-to-date, down 4.4% as compared to 68 detached single-family homes sold in 2023. The median sale price in 2024 was $1,200,000, up 26.4% as compared to $949,000 a year ago.
– Northbrook – 69 detached single-family homes sold year-to-date, down 31.7 percent compared to 101 detached single-family homes sold in 2023. The median sale price in 2024 was $723,000, up 15.7 percent as compared to $625,000 a year ago.
– Skokie – 93 detached single-family homes sold year-to-date, is up 2.2% as compared to 91 detached single-family homes sold in 2023. The median sale price in 2024 was $425,000, up 2.4 percent as compared to $415,000 a year ago.
– Winnetka – 37 detached single-family homes sold year-to-date, down 24.5% as compared to 49 detached single-family homes sold in 2023. The median sale price in 2024 was $1,450,000, down 3.3 percent as compared to $1,500,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).
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