January 14, 2024
2023 Ends with Higher Prices and Lower Inventory
Homebuyers Glad to Leave 2023 Behind
NOTE: These stats reflect the month of December 2023.
Northbrook, IL – January 14, 2024 – December maintained its downward trend in both units listed and properties sold. Local markets reported less favorable market times with numbers of new contracts falling. Housing data for December shows that the number of new listings decreased as compared to the same period in 2022. In some areas, the median sale prices rose as compared to last month. The numbers of single-family homes under contract decreased according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows new listings decreased by 25.7 percent to 133, dropping from 179 a year ago. The number of closed sales also decreased by 14.8 percent for December 2023 as compared to December 2022. Additionally, the number of homes under contract (contingent and pending) decreased by 5.1 percent. Yet, the average sales price is up 8.4 percent in 2023 to $900,633 for homes sold in December as compared to $831,069 during the same period last year.
The median sales price was up 7.0 percent in December, to $699,000 as compared to $653,000 during the same period in December 2022, while the average listing price increased 6.5 percent and the percentage of the list price to sale price ratio rose to 98.1 as compared to 96.4 in December 2022.
In the North Shore and Barrington area, the inventory of homes decreased by 14.8 percent in December as compared to a year ago, dropping to 626 homes from 735. The month’s supply of homes for sale has also fallen by 15.6% to only 2.7 month’s supply as compared to 3.2 months in December 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year to date – 3,979 detached single-family homes have been sold in the North Shore-Barrington market in 2024, which is a decrease from the 5,162 homes sold at the same point in 2023. The number of communities in the region reporting an increase in home sales for December was less than in December 2022. The median sales price, however, increased 2.8 percent on sales in the North Shore and Barrington areas.
– Barrington area – 469 detached single-family homes sold year-to-date, down 28.1 percent as compared to 652 detached single-family homes sold in 2022. The median sale price in 2023 was $685,000, up 3.8 percent as compared to $660,000 a year ago.
– Deerfield – 267 detached single-family homes sold year-to-date, down 12.5 percent as compared to 305 detached single-family homes sold in 2022. The median sales price in 2023 was $675,000, up 7.1 percent as compared to $630,000 a year ago.
– Evanston – 339 detached single-family homes sold year-to-date, down 21.7% as compared to 433 detached single-family homes sold in 2022. The median sale price in 2023 was $676,000, up 1.0 percent as compared to $670,000 a year ago.
– Golf-Glenview – 470 detached single-family homes sold year-to-date, down 12.5 percent as compared to 537 detached single-family homes sold in 2022. The median sale price in 2023 was $702,000, up 0.4 percent compared to $700,000 a year ago.
– Lake Forest – 268 detached single-family homes sold year-to-date, down 29.7 percent as compared to 381 detached single-family homes sold in 2022. The median sale price in 2023 was $1,096,000, down 9.5% as compared to $1,210,000 a year ago.
– Northbrook – 330 detached single-family homes sold year-to-date, down 23.8 percent as compared to 433 detached single-family homes sold in 2022. The median sale price in 2023 was $700,000, up 1.8 percent as compared to $687,000 a year ago.
– Skokie – 321 detached single-family homes sold year-to-date, down 22.7% as compared to 415 detached single-family homes sold in 2022. The median sale price in 2023 was $430,000, up 7.5 percent as compared to $400,000 a year ago.
– Winnetka – 184 detached single-family homes sold year-to-date, down 22.6% as compared to 243 detached single-family homes sold in 2022. The median sale price in 2023 was $1,675,000, up 9.8 percent as compared to $1,525,000 a year ago.
Sales and price information generated by NSBAR with Midwest Real Estate Data (MRED).
The North Shore-Barrington Association of REALTORS®(NSBAR) represents more than 3,700 practitioners in residential and commercial real estate. Since 1919, it has been the area’s leading advocate for private property rights and a healthy real estate environment. Visit NSBAR online at www.nsbar.org.