Despite an increase in year-over-year closed home sales in Illinois during December, annual sales went down, according to data from Illinois REALTORS®.
In December 2024, statewide home sales (single-family homes and condominiums) of 9,905 homes sold was 5.9 percent greater than 9,356 sold in December 2023. The 17,509 homes available for sale statewide in December was 1.2 percent more than the 17,296 available homes in December 2023. The monthly median price of $282,500 in December 2024 was 10.8 percent higher than it was in December 2023 at $255,000.
Annual closed sales of 130,908 were 1.1 percent less than 132,380 in 2023. The annual median price of $290,000 was 7.8 percent more than $269,000 in 2023. The median is a typical market price where half the homes sold for more and half sold for less.
“Illinois’ housing market closed out 2024 with notable resilience. December’s median home prices rose by 10.8 percent statewide, reflecting strong buyer demand despite tight inventory,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. “The Chicago Metro area saw an even more impressive 11.1 percent jump in December median prices, highlighting the region’s continued desirability and confidence in long-term investment opportunities. Buyers and sellers should stay informed and agile as we head into 2025.”
In the nine-county Chicago Metro Area, December 2024 home sales (single-family and condominiums) totaled 6,555 homes sold, rising 7.5 percent from December 2023 sales of 6,100 homes. In December 2024, there were 11,001 homes for sale in the Chicago Metro Area, a 2.4 percent decrease from 11,269 homes on the market in December 2023. The median price of a home in the Chicago Metro Area of $340,000 in December 2024 was 11.1 percent greater than $305,950 in December 2023.
The annual home sales in the Chicago Metro Area totaled 88,413, down 1.3 percent from 89,620 in 2023. The 2024 annual median price of a home in the Chicago Metro Area was $350,000, up 7.9 percent from $324,500 in 2023.
“Our three-month forecast expects statewide closed sales activity through March to be on par with levels seen through March 2024, while house price growth is expected to remain strong with prices of single-family homes anticipated to increase by over 6 percent through March 2025 compared to the previous year,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. “Looking at broader market conditions in the state, inventories remain tight despite slight increases and mortgage rates remain persistently high. Despite these challenging conditions, housing sentiment remained high to close the year based on continued optimism that mortgage rates will decline and homebuying and selling conditions will improve in 2025.”
The city of Chicago experienced a 5.3 percent year-over-year home sales increase in December 2024 with 1,583 sales, up from 1,503 in December 2023. In December 2024, there were only 3,541 homes for sale in the city of Chicago, a 15.2 percent decrease from 4,175 homes on the market in December 2023. The median price of a home in the city of Chicago in December 2024 was $345,000, an 11.3 percent increase from December 2023 when the median price was $310,000.
Annual home sales in the city of Chicago totaled 22,071 in 2024, down 1.6 percent from 22,437 in 2023. The 2024 annual median price of a home in the city of Chicago was $355,000, up 7.6 percent from $330,000 in 2023.
“In December, the Chicago housing market reflected buyers adjusting to steady interest rates, limited inventory and increasing median sales price,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Buyers are broadening their horizons and budgeting proactively, with the understanding that interest rates may not significantly change, so they’re working within what inventory is available.”
Sales and price information are generated by Multiple Listing Service closed sales reported by 21 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Jan. 7, 2024, for the period Dec. 1 through Dec. 31, 2024. 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 6.72 percent in December 2024, down from the previous month of 6.81 percent. The December 2023 average was 6.82 percent.
Find Illinois housing stats, data and the January 2024 forecast from the Institute for Housing Studies at DePaul University at http://www.illinoisrealtors.org/marketstats/.
Illinois REALTORS® is a voluntary trade association whose 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.
