Year-over-year home sales fell in Illinois during August, while median prices and homes available for sale rose, according to data from Illinois REALTORS®.

In August 2024, statewide home sales (including single-family homes and condominiums) of 12,831 homes sold was 6.5 percent lower than 13,727 sold in August 2023.

The 21,932 homes available for sale statewide in August was 8.0 percent more than the 20,315 available homes in August 2023.

The monthly median price of $295,000 in August 2024 was 5.4 percent higher than it was in August 2023 at $280,000. The median is a typical market price where half the homes sold for more and half sold for less.

“It’s great to see our year-over-year inventory increase again in August,” says Matt Silver, Illinois REALTORS® 2024 President and partner and senior broker for Corcoran Urban Real Estate in Chicago. “But the growth has been uneven or non-existent in some parts of the state, and that’s proof that we need more policies that help consumers seize the moments when their buying power is trending upward.”

In the nine-county Chicago Metro Area, August 2024 home sales (single-family and condominiums) totaled 8,640 homes sold, falling 6.6 percent from August 2023 sales of 9,247 homes. In August 2024, there were 14,975 homes for sale in the Chicago Metro Area, a 6.8 percent increase from 14,023 homes on the market in August 2023. The median price of a home in the Chicago Metro Area of $355,000 in August 2024 was 4.4 percent greater than $339,900 in August 2023.

“Our housing market forecast highlights how sales activity and house prices are expected to decline in the coming months following typical seasonal trends,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. “In August, inventories continued to increase statewide and in the Chicago Metro Area but declined in the City of Chicago. Inventories remained near historic lows and suggest that the market will continue to be highly competitive and challenging for homebuyers. Our forecast estimates that the coming three months will have slightly lower levels of sales activity, but higher prices compared to 2023. Economic conditions continue to show mixed signals. However, the decline in mortgage interest rates, coupled with the potential for rate cuts by the Federal Reserve, could spur additional homebuying activity.”

The city of Chicago saw a 7.1 percent year-over-year home sales decrease in August 2024 with 2,083 sales, down from 2,242 in August 2023. In August 2024, there were only 5,048 homes for sale in the city of Chicago, an 8.5 percent decrease from 5,515 homes on the market in August 2023. The median price of a home in the city of Chicago in August 2024 was $355,000, an increase of 7.1 percent from August 2023 when the median price was $331,500.

“In August, a decrease in closed sales were reflective of Chicago’s limited inventory as sellers consider the balance of a fast selling and competitive buying market,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Work with your local REALTOR® and a lender so you can take action when the opportunity arises.”

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 Sept. 7, 2024, for the period Aug. 1 through Aug. 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 6.50 percent in August 2024, down from the previous month of 6.84 percent. The August 2023 average was 7.07 percent.

Find Illinois housing stats, data and the September 2024 forecast from the Institute of 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.