February 19, 2024
2024 Start Off Slowly
January Sales As Cold As The Weather
NOTE: These stats reflect the month of January 2024.
Northbrook, IL – February 16, 2024 – January continued its downward trend in units listed and properties sold. Market times were also less favorable in the local markets while the numbers of new contracts fell. Housing data for January reports the number of new listings decreased as compared to the same period in 2023. However, while the average sales price decreased, the median sale prices rose in many areas as compared to last month. The number of homes under contract additionally decreased in single-family home sales according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows that new listings decreased 27.3 percent to 287, down from 395 a year ago. Additionally, the number of closed sales decreased by 18.4 percent in January 2024 as compared to January 2023. The number of homes under contract (contingent and pending) also dropped by 27.0 percent while the average sales price is down 9.0 percent in 2024 to $890,518 for homes sold in January as compared to $978,986 during the same period last year.
The median sales price was up 0.4 percent in January to $640,000 as compared to $637,500 during the same period in January 2023, yet the average listing price decreased 10.9 percent with the percentage of the list price to sale price ratio increasing to 98.7 percent as compared to 96.7 percent in January 2023.
The inventory of homes in the North Shore and Barrington area decreased by 10.8 percent in January as compared to a year ago, going to 747 units from 838 units. Additionally, the month’s supply of homes for sale is 19.1 percent lower, at 4.7 months, as compared to 5.6 months in January 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-date — 155 detached single-family homes have sold in the North Shore-Barrington market as compared to 188 January 2023. The number of communities in the region reporting an increase in home sales for January was less than in January 2023. However, the median sales price decreased 0.4 percent on sales in the North Shore and Barrington areas.
– Barrington area – 20 detached single-family homes have sold year-to-date, down 16.7 percent as compared to 24 detached single-family homes sold in 2023. The median sale price in 2024 is $864,000, up 34.2 percent as compared to $644,000 a year ago.
– Deerfield – 14 detached single-family homes have sold year-to-date, matching the same number of 14 detached single-family homes sold in 2023. The median sales price in 2024 is $722,000, up 3.0 percent as compared to $701,000 a year ago.
– Evanston – 9 detached single-family homes have sold year-to-date, down 55.0% as compared to 20 detached single-family homes sold in 2024. The median sale price in 2024 1s $741,000, down 23.0 percent as compared to $962,000 a year ago.
– Golf-Glenview – 17 detached single-family homes sold year-to-date, which is the same as 17 detached single-family homes sold in 2024. The median sale price in 2024 was $964,000, up 9.9 percent compared to $877,000 a year ago.
– Lake Forest – 17 detached single-family homes sold year-to-date, up 30.8%, compared to 13 detached single-family homes sold in 2023. The median sale price in 2024 was $1,046,000 down 40.5% compared to $1,759,000 a year ago.
– Northbrook – 6 detached single-family homes sold year-to-date, down 68.4 percent compared to 19 detached single-family homes sold in 2023. The median sale price in 2023 was $690,000, down 8.6 percent compared to $754,000 a year ago.
– Skokie – 16 detached single-family homes sold year-to-date, is up 23.1% compared to 13 detached single-family homes sold in 2023. The median sale price in 2024 was $425,000 and is up 3.1 percent compared to $410,000 a year ago.
– Winnetka – 2 detached single-family homes sold year-to-date, is down 81.8% compared to 11 detached single-family homes sold in 2023. The median sale price in 2024 was $3,300,000 up 60.5 percent compared to $2,055,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).