June 16, 2024
Home Prices Continue Their Upward Trajectory
The Number of Listings Has Grown —
Yet Falls Short of Surpassing the Prior Year’s Total
NOTE: These stats reflect the month of May 2024.
Northbrook, IL – June 14, 2024 – In May, the number of units listed rose, while the number properties sold fell, and the market time became less advantageous in local markets with a decline in new contracts. Housing data for May shows the number of new listings decreased 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 decline in the number of single-family homes under contract.
NSBAR’S latest data that shows new listings decreased by 2.1 percent to 680, down from 695 a year ago. The number of closed sales also decreased by 4.7 percent for May 2024 as compared to last year. Moreover, the number of homes under contract (contingent and pending) dropped by 11.8 percent. Nonetheless, the average sales price is rose 18.0 percent in 2024 to $1,056,247 for homes sold in May as compared to $898,085 for the same period last year.
The median sales price was increased by 15.8 percent in May, up to $863,000 as compared to $745,000 during the same period in May 2023. At the same time, average listing price increased by 16.4 percent with the percentage of the list price to sale price ratio increasing to 101.5 percent as compared to 99.7 in May 2023.
The inventory of homes for sale in the North Shore and Barrington area decreased by 6.3 percent in May as compared to a year ago, dropping to 1,110 from 1,185. The month’s supply for sale is also down 10.0 percent to 3.3 months as compared to 3.0 months in May 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-date — 1,223 detached single-family homes sold in the North Shore-Barrington market as compared to 1,289 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. However, the median sales price increased by 13.4 percent on sales in the North Shore and Barrington areas.
– Barrington area – 140 detached single-family homes have sold year-to-date, down 24.7 percent as compared to 186 detached single-family homes sold in 2023. The median sale price in 2024 was $690,000, up 12.2 percent as compared to $615,000 a year ago.
– Deerfield – 106 detached single-family homes have sold year-to-date, up 3.9 percent as compared to 102 detached single-family homes sold in 2023. The median sales price in 2024 was $697,000, up 17.7 percent as compared to $593,000 a year ago.
– Evanston – 116 detached single-family homes have sold year-to-date, down 15.3 percent as compared to 137 detached single-family homes sold in 2023. The median sale price in 2024 was $675,000, up 3.8 percent compared to $650,000 a year ago.
– Golf-Glenview – 154 detached single-family homes have sold year-to-date, down 8.9 percent as compared to 169 detached single-family homes sold in 2023. The median sale price in 2024 was $850,000, up 20.1 percent as compared to $708,000 a year ago.
– Lake Forest – 85 detached single-family homes have sold year-to-date, down 11.4 percent as compared to 96 detached single-family homes sold in 2023. The median sale price in 2024 was $1,250,000, up 17.3 percent as compared to $1,065,000 a year ago.
– Northbrook – 102 detached single-family homes have sold year-to-date, down 23.3 percent as compared to 133 detached single-family homes sold in 2023. The median sale price in 2024 was $741,000, up 10.6 percent as compared to $670,000 a year ago.
– Skokie – 124 detached single-family homes have sold year-to-date, up 2.5 percent compared to 121 detached single-family homes sold in 2023. The median sale price in 2024 was $430,000, up 1.2 percent as compared to $425,000 a year ago.
– Winnetka – 54 detached single-family homes have sold year-to-date, down 19.4 percent compared to 67 detached single-family homes sold in 2023. The median sale price in 2024 was $1,612,500, up 7.5 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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