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November year-over-year home sales dropped in Illinois as the available housing inventory remained tight, according to data from Illinois REALTORS®.
In November 2023, statewide home sales (including single-family homes and condominiums) of 9,508 homes sold was 10.1 percent lower than 10,581 sold in November 2022. Also, the monthly median price of $265,000 in November 2023 was 9.5 percent higher than it was the year before at $242,000.
In November there were only 20,568 homes for sale statewide, a 22.2 percent decrease from 26,434 homes on the market in November 2022. Homes sold an average of 27 days this past November, compared to 31 in November 2022.
“Whether the challenges include fluctuating interest rates, inflation or a lack of available housing, REALTORS® can help consumers find the best potential outcomes for both selling and buying homes,” says Matt Silver, Illinois REALTORS® 2024 President and partner and senior broker for Corcoran Urban Real Estate in Chicago. “We also are trying to help consumers and their communities grow by advocating for the elimination of all types of burdensome property taxes and the creation of incentives for the construction of high-quality new houses that are affordable.”
In the nine-county Chicago Metro Area, November 2023 home sales (single-family and condominiums) totaled 6,242 homes sold, down 10.2 percent from November 2022 sales of 6,951 homes. The median price of a home in the Chicago Metro Area in November 2023 was $323,000, up 9.5 percent from $295,000 in November 2022.
In November 2023, there were only 13,893 homes for sale in the Chicago Metro Area, a 25.5 percent decrease from 18,646 homes on the market in November 2022. Homes sold an average of 24 days this past November, compared to 29 in November 2022.
“The housing market is continuing its long-running trend of low sales and relatively high prices,” said Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois-Chicago College of Business Administration. “The trend toward low sales should continue through the winter, which always is a slow time for housing sales in Illinois. However, the recent trends toward lower inflation rates, interest rates, and unemployment rates can be expected to lead to a rebound in the market if the trends continue.”
The city of Chicago saw a 10.2 percent year-over-year home sales decrease in November 2023 with 1,399 sales, down from 1,558 in November 2022. The median price of a home in the city of Chicago in November 2023 was $322,500, up 5.0 percent in November 2022 when it was $307,250.
In November 2023, there were only 5,226 homes for sale in the city of Chicago, a 25.1 percent decrease from 6,978 homes on the market in November 2022. Homes sold an average of 33 days this past November, compared to 35 in November 2022.
“In November, steady median sales prices combined with slowing closed sales were symptoms of continued inventory shortages,” said Drussy Hernandez, president of the Chicago Association of REALTORS® and vice president of brokerage services for Coldwell Banker Realty in Chicago. “Also, the decrease in single family home sales in comparison to condo sales showed that buyers were finding more success, and inventory, in the condo market.”
Sales and price information are generated by Multiple Listing Service closed sales reported by 22 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Dec. 7, 2023, for the period Nov. 1 through Nov. 30, 2023. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Based on the Freddie Mac data, the monthly average commitment rate for a 30-year, fixed-rate mortgage was 7.46 percent in November 2023, down from the previous month of 7.62 percent. The November 2022 average was 6.81 percent.
Find Illinois housing stats, data and the December 2023 forecast and the 2024 annual forecast from the Stuart Handler Department of Real Estate at the University of Illinois at Chicago College of Business Administration at http://www.illinoisrealtors.org/marketstats/.
Illinois REALTORS® is a voluntary trade association whose more than 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.
