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

In July 2024, statewide home sales (including single-family homes and condominiums) of 13,114 homes sold was 6.2 percent higher than 12,343 sold in July 2023.

The 20,718 homes available for sale statewide in July was 6.3 percent more than the 19,494 available homes in July 2023.

The monthly median price of $308,000 in July 2024 was 8.1 percent higher than it was in July 2023 at $285,000. The median is a typical market price where half the homes sold for more and half sold for less.

“The increased inventory offered more choices for buyers as sellers started returning to the marketplace,” says Matt Silver, Illinois REALTORS® 2024 President and partner and senior broker for Corcoran Urban Real Estate in Chicago. “The upswing in both sales and median prices indicates that sellers have seen positive outcomes as well.”

In the nine-county Chicago Metro Area, July 2024 home sales (single-family and condominiums) totaled 8,943 homes sold, rising 5.7 percent from July 2023 sales of 8,457 homes. In July 2024, there were 14,108 homes for sale in the Chicago Metro Area, a 4.0 percent increase from 13,562 homes on the market in July 2023. The median price of a home in the Chicago Metro Area in July 2024 was $368,000, 8.3 percent greater than $339,900 in July 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 July, inventories slightly increased 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.”

The city of Chicago saw a 5.3 percent year-over-year home sales increase in July 2024 with 2,161 sales, up from 2,052 in July 2023. In July 2024, there were only 4,955 homes for sale in the city of Chicago, an 8.5 percent decrease from 5,415 homes on the market in July 2023. The median price of a home in the city of Chicago in July 2024 was $360,000, an increase of 5.9 percent from July 2023 when it was $340,000.

“Closed sales and median sales price increased in July, which is indicative of the summer market,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Potential sellers should talk to a REALTOR® to determine the right time to get into the 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 Aug. 7, 2024, for the period July 1 through July 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 6.84 percent in July 2024, up from the previous month of 6.92 percent. The July 2023 average was 6.84 percent.

Find Illinois housing stats, data and the August 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 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.