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

In November 2024, statewide home sales (including single-family homes and condominiums) of 9,950 homes sold was 2.8 percent greater than 9,681 sold in November 2023. The 20,863 homes available for sale statewide in November was 2.3 percent more than the 20,401 available homes in November 2023. The monthly median price of $285,000 in November 2024 was 7.5 percent higher than it was in November 2023 at $265,000. The median is a typical market price where half the homes sold for more and half sold for less.

“The Illinois housing market in November 2024 demonstrated robust resilience and continued growth across the board,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. “These figures highlight the diverse strength of Illinois’ housing market—from the vibrancy of urban areas to the steady appreciation seen across the state. While inventory levels remain a challenge, the consistent upward trajectory of home values reaffirms real estate as a key driver of financial security and community stability. As we close out 2024, these trends set a hopeful tone for what lies ahead in Illinois housing.”

In the nine-county Chicago Metro Area, November 2024 home sales (single-family and condominiums) totaled 6,548 homes sold, rising 2.9 percent from November 2023 sales of 6,365 homes. In November 2024, there were 13,577 homes for sale in the Chicago Metro Area, a 1.0 percent decrease from 13,709 homes on the market in November 2023. The median price of a home in the Chicago Metro Area of $347,500 in November 2024 was 7.8 percent greater than $322,250 in November 2023.

“Our three-month forecast expects statewide closed sales activity through February to be on par with levels seen through February 2024, while house price growth is expected to remain strong with prices of single-family homes anticipated to increase by nearly 10 percent through February 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, despite tight inventories, continued high mortgage interest rates, and general affordability concerns, consumer housing sentiment is improving. Fannie Mae’s most recent national housing survey shows increasingly positive perceptions of the housing market largely driven by a growing share of consumers who believe mortgage interest rates will decline over the next year.”

The city of Chicago saw a 3.7 percent year-over-year home sales increase in November 2024 with 1,481 sales, up from 1,428 in November 2023. In November 2024, there were only 4,557 homes for sale in the city of Chicago, a 12.3 percent decrease from 5,198 homes on the market in November 2023. The median price of a home in the city of Chicago in November 2024 was $365,000, an increase of 13.0 percent from November 2023 when the median price was $323,000.

“In November, closed sales increased slightly, while inventory continued to decrease and median sales price increased,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Lower interest rates over the last few months expanded buyers’ purchasing power, so anyone looking to list their home should take a critical look to ensure it’s ready for sale.”

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 Dec. 7, 2024, for the period Nov. 1 through Nov. 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 6.81 percent in November 2024, up from the previous month of 6.43 percent. The November 2023 average was 7.44 percent.

Find Illinois housing stats, data and the November 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.