October 17, 2023
Sales Prices Cool Off As Summer Ends
Housing Affordability Worsens As Challenges Persist
NOTE: These stats reflect the month of September 2023.
Northbrook, IL – October 6, 2023 – September maintained its downward trend in units listed and properties sold. Market time was less favorable in the local markets and new contracts fell. Housing data for September shows the number of new listings decreased as compared to the same period in 2022. The median sale prices also fell in many areas as compared to last month and the numbers of single-family homes under contract decreased according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data indicates that new listings decreased 20.5 percent to 441, down from 555 a year ago. The number of closed sales also decreased 15.8 percent for September 2023 as compared to September 2022. The number of homes under contract (contingent and pending) decreased 6.2 percent. The average sales price has fallen by 1.7 percent in 2023 to $884,127 for homes sold in September as compared to $899,378 during the same period last year.
The median sales price was down 0.5 percent in September to $712,000 as compared to $715,500 during the same period in September 2022, while the average listing price decreased 3.1 percent. The percentage of the list price to sale price ratio however, increased to 99.1 percent as compared to 97.7 percent in September 2022.
The inventory of homes in the North Shore and Barrington area decreased by 11.4 percent in September, falling to 994 from 1,122. The month’s supply of homes for sale has decreased by 7.4%, now at 2.7 months as compared to 2.9 months in September 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 3,189 detached single-family homes were sold in the North Shore-Barrington market as compared to 4,260 at the same point last year. The number of communities in the region reporting an increase in home sales for September was less than in September 2022. The median sales price has increased 1.7 percent for sales in the North Shore and Barrington areas.
– Barrington area – 372 detached single-family homes sold year-to-date, down 32.9 percent as compared to 554 detached single-family homes sold in 2022. The median sale price in 2023 was $679,000, up 2.3 percent as compared to $664,000 a year ago.
– Deerfield – 216 detached single-family homes sold year-to-date, down 15.0 percent compared to 254 detached single-family homes sold in 2022. The median sales price in 2023 was $657,000, up 6.0 percent as compared to $620,000 a year ago.
– Evanston – 268 detached single-family homes sold year-to-date, down 22.8% as compared to 347 detached single-family homes sold in 2022. The median sale price in 2023 was $706,000, up 1.7 percent as compared to $695,000 a year ago.
– Golf-Glenview – 378 detached single-family homes sold year-to-date, down 15.4 percent as compared to 447 detached single-family homes sold in 2022. The median sale price in 2023 was $729,000, up 0.5 percent compared to $725,000 a year ago.
– Lake Forest – 218 detached single-family homes sold year-to-date, down 30.8 percent as compared to 315 detached single-family homes sold in 2022. The median sale price in 2023 was $1,056,000, down 12.7 percent as compared to $1,210,000 a year ago.
– Northbrook – 264 detached single-family homes sold year-to-date, down 22.6 percent as compared to 341 detached single-family homes sold in 2022. The median sale price in 2023 was $707,000, up 1.0 percent as compared to $700,000 a year ago.
– Skokie – 260 detached single-family homes sold year-to-date, down 21.0 percent as compared to 329 detached single-family homes sold in 2022. The median sale price in 2023 was $430,000, up 5.0 percent as compared to $410,000 a year ago.
– Winnetka – 155 detached single-family homes sold year-to-date, down 25.1 percent as compared to 207 detached single-family homes sold in 2022. The median sale price in 2023 was $1,585,000, down 0.9 percent as compared to $1,600,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).
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The North Shore-Barrington Association of REALTORS®(NSBAR) represents more than 3,800 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.