November 16, 2023
Sales Prices Settle Down
Housing Stock Remains Low As Mortgage Rates Stay High
NOTE: These stats reflect the month of October 2023.
Northbrook, IL – November 14, 2023 – October maintained its downward trend in units listed and properties sold, new contracts declined and the market time was less favorable in the local markets. Housing data for October shows the number of new listings decreased as compared to the same period in 2022. But the median sales rose in some areas as compared to last month. Single-family homes sales under contract decreased according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data indicates that new listings decreased 21.0 percent to 391, down from 495 a year ago. The number of closed sales also decreased 8.1 percent for October 2023 as compared to October 2022. The number of homes under contract (contingent and pending) decreased 13.5 percent. The average sales price is up 5.4 percent in 2023 to $860,266 for homes sold in October as compared to $816,131 for the same period last year.
The median sales price rose 10.2 percent in October to $672,000 as compared to $610,000 during the same period in October 2022, Yet the average listing price decreased 4.7 percent with the percentage of the list price to sale price ratio increasing to 98.1 as compared to 97.4 in October 2022.
The inventory of homes in the North Shore and Barrington area also decreased by 9.2 percent in October as compared to a year ago, dropping to 1,018 from 1,121. The month’s supply for sale is up 32.0% at 3.3 months as compared to 2.5 months in October 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 3,473 detached single-family homes have sold in the North Shore-Barrington market as compared to 4,470 at the same point last year. The number of communities in the region reporting an increase in home sales for October was less than those reported in October 2022. The median sales price increased 1.8 percent for sales in the North Shore and Barrington areas.
– Barrington area – 408 detached single-family homes have sold year-to-date, down 30.7 percent as compared to 589 detached single-family homes sold in 2022. The median sale price in 2023 was $685,000, up 5.4 percent as compared to $650,000 a year ago.
– Deerfield – 233 detached single-family homes have sold year-to-date, down 15.3 percent as compared to 275 detached single-family homes sold in 2022. The median sales price in 2023 was $651,000, up 5.5 percent as compared to $617,000 a year ago.
– Evanston – 291 detached single-family homes have sold year-to-date, down 23.4 percent as compared to 380 detached single-family homes sold in 2022. The median sale price in 2023 was $697,000, up 2.7 percent as compared to $678,000 a year ago.
– Golf-Glenview – 415 detached single-family homes have sold year-to-date, down 13.0 percent as compared to 477 detached single-family homes sold in 2022. The median sale price in 2023 was $715,000, up 0.4 percent as compared to $712,000 a year ago.
– Lake Forest – 234 detached single-family homes have sold year-to-date, down 30.1, compared to 335 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 – 288 detached single-family homes have sold year-to-date, down 21.5 percent as compared to 367 detached single-family homes sold in 2022. The median sale price in 2023 was $700,000, up 0.7 percent as compared to $695,000 a year ago.
– Skokie – 286 detached single-family homes have sold year-to-date, down 21.0 percent as compared to 362 detached single-family homes sold in 2022. The median sale price in 2023 was $430,000, up 4.9 percent as compared to $410,000 a year ago.
– Winnetka – 162 detached single-family homes sold year-to-date, down 26.7 percent as compared to 221 detached single-family homes sold in 2022. The median sale price in 2023 was $1,595,000, up 2.9 percent as compared to $1,550,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).
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.