Year-over-year home sales increased in Illinois during April, despite the second lowest monthly number of available homes in 16 years, according to data from Illinois REALTORS®.
In April 2024, statewide home sales (including single-family homes and condominiums) of 11,539 homes sold was 6.9 percent higher than 10,792 sold in April 2023.
The 16,403 homes available for sale statewide in April was 5.3 percent less than the 17,322 available homes in April 2023 and the second lowest monthly mark since Illinois REALTORS® began tracking that data in 2008. The lowest was 15,988 available in March 2024.
The monthly median price of $292,000 in April 2024 was 8.1 percent higher than it was in April 2023 at $270,000. The median is a typical market price where half the homes sold for more and half sold for less.
“It is pleasing to see the increase in home sales from a year ago, but interest rates and the limited numbers of homes available for sale are still a major concern for consumers right now,” says Matt Silver, Illinois REALTORS® 2024 President and partner and senior broker for Corcoran Urban Real Estate in Chicago. “We are trying to work with elected officials at every level to provide incentives and take other steps to increase the number of affordable, available homes in Illinois.”
Please watch Silver’s testimony advocating for the creation of a homebuyer savings account, SB 3497, before the Illinois Senate Revenue Committee.
In the nine-county Chicago Metro Area, April 2024 home sales (single-family and condominiums) totaled 8,075 homes sold, up 5.0 percent from April 2023 sales of 7,689 homes. In April 2024, there were only 11,035 homes for sale in the Chicago Metro Area, a 7.5 percent decrease from 11,928 homes on the market in April 2023. The median price of a home in the Chicago Metro Area in April 2024 was $350,000, up 9.4 percent from $320,000 in April 2023.
“The number of sales and median prices rose significantly last month in both Illinois and the Chicago PMSA,” 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 number of sales is approximately the same as at this time last year. Consumer confidence has declined after several months of steady increase. The number of sales and median prices should continue to increase steadily through the end of June.”
The city of Chicago saw a 5.5 percent year-over-year home sales increase in April 2024 with 2,189 sales, up from 2,074 in April 2023. In April 2024, there were only 4,495 homes for sale in the city of Chicago, a 9.4 percent decrease from 4,964 homes on the market in April 2023. The median price of a home in the city of Chicago in April 2024 was $370,000, up 8.8 percent from April 2023 when it was $340,000.
“In April, closed sales and median sales price increased, which are signs of an active spring season and consistent with historical trends this time of year,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Sellers considering listing may want to make plans to act quickly in a pinched inventory market and buyers should talk to their REALTORS® about multiple offer scenarios in a competitive Chicago 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 May 7, 2024, for the period April 1 through April 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 6.99 percent in April 2024, up from the previous month of 6.82 percent. The April 2023 average was 6.34 percent.
Find Illinois housing stats, data and the May 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.
