Year-over-year home sales drooped while median prices continued surging up in Illinois during June, according to data from Illinois REALTORS®.

In June 2024, statewide home sales (including single-family homes and condominiums) of 12,422 homes sold was 16.7 percent lower than 14,917 sold in June 2023.

The 19,404 homes available for sale statewide in June was 1.9 percent more than the 19,043 available homes in June 2023.

The monthly median price of $315,050 in June 2024 was the highest number recorded since Illinois REALTORS® began tracking that data in 2008. The June median price was 8.6 percent higher than it was in June 2023 at $290,000. The median is a typical market price where half the homes sold for more and half sold for less.

“We are elated to see that Illinois homes have appreciated in value and that inventory levels have increased, albeit slightly, but this a great signal that the buyers have more options and sellers are loosening their grip on their properties as well. It’s important that consumers have plenty of options in the housing market!” says Matt Silver, Illinois REALTORS® 2024 President and partner and senior broker for Corcoran Urban Real Estate in Chicago.

In the nine-county Chicago Metro Area, June 2024 home sales (single-family and condominiums) totaled 8,661 homes sold, down 15.3 percent from June 2023 sales of 10,221 homes. In June 2024, there were 13,253 homes for sale in the Chicago Metro Area, a 0.4 percent increase from 13,202 homes on the market in June 2023. The median price of a home in the Chicago Metro Area in June 2024 was $375,000, up 7.1 percent from $349,995 in June 2023.

“Prices continued to rise in June,” said Dr. Daniel McMillen, Professor of Real Estate and Associate Dean for Faculty Affairs at the University of Illinois-Chicago College of Business Administration. “Our forecasts indicate that prices will begin their typical seasonal decline over the next three months. The number of sales is forecast to decline also. Surveys indicated that consumer confidence in the economy remains at approximately the same level that it has been for the past few months.”

The city of Chicago saw a 15.0 percent year-over-year home sales decrease in June 2024 with 2,235 sales, down from 2,630 in June 2023. In June 2024, there were only 4,826 homes for sale in the city of Chicago, an 8.6 percent decrease from 5,281 homes on the market in June 2023. The median price of a home in the city of Chicago in June 2024 was $379,925, up 6.3 percent from June 2023 when it was $357,500.

“Continued inventory shortages are likely impacting closed sales and the median sales price, forcing many buyers to wait to get into the market,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Both buyers and sellers should focus on having conversations with local REALTOR® experts to discuss the nuances of their market. A REALTOR® will be able to advise on options to move forward.”

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 July 7, 2024, for the period June 1 through June 30, 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 6.92 percent in June 2024, up from the previous month of 7.06 percent. The June 2023 average was 6.71 percent.

Find Illinois housing stats, data and the June 2024 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.