March 17, 2024
February Sees a Thaw in the Market
Gradual Gains Bring Some Good News
NOTE: These stats reflect the month of February 2024.
Northbrook, IL – March 15, 2024 – February delivered a rise in the number of units listed and properties sold, yet the local market time became less advantageous coupled with a decline in new contracts. Moreover, the housing data for February shows the number of new listings increased as compared to the same period in 2023. Additionally, there has been a jump in both average and median sales prices across numerous regions when compared to the previous month. Nonetheless, the North-Shore Barrington Association of REALTORS® (NSBAR) reports a decline in the number of single-family homes under contract.
NSBAR’S latest data shows new listings increased 1.5 percent to 472, up from 465 a year ago. The number of closed sales increased 2.1 percent for February 2024 as compared to last year. The number of homes under contract (contingent and pending) decreased 7.8 percent. The average sales price has risen 13.7 percent in 2024 to $920,878 for homes sold in February as compared to $809,571 during the same period last year.
The median sales price rose 11.7 percent in February to $660,000 as compared to $591,500 during the same period in February 2023, and the average listing price increased 13.1 percent with the percentage of the list price to sale price ratio increasing to 98.3 percent as compared to 97.8 percent in February 2023.
The inventory of available homes in the North Shore and Barrington area increased by 4.2 percent in February as compared to a year ago, increasing to 874 properties from 838 in 2023. Additionally, the month’s supply of homes for sale by 6.0 percent to 5.3 months as compared to 5.0 months in February 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-date – 354 detached single-family homes sold in the North Shore-Barrington market as compared to 384 detached single-family homes sold in 2023. The number of communities in the region reporting an increase in home sales for 2024 was less than in 2023. The median sales price increased by 6.3 percent for sales in the North Shore and Barrington areas.
– Barrington area – 45 detached single-family homes sold year-to-date, down 10.0 percent as compared to 50 detached single-family homes sold in 2023. The median sale price in 2024 is $557,000, up 5.4 percent as compared to $529,000 a year ago.
– Deerfield – 31 detached single-family homes sold year-to-date, up 5.4 percent as compared to 24 detached single-family homes sold in 2023. The median sales price in 2024 is $620,000, up 1.2 percent as compared to $612,000 a year ago.
– Evanston – 27 detached single-family homes sold year-to-date, down 12.9 percent as compared to 31 detached single-family homes sold in 2023. The median sale price in 2024 is $525,000, down 23.4 percent as compared to $685,000 a year ago.
– Golf-Glenview – 38 detached single-family homes sold year-to-date, down 9.5 percent as compared to 42 detached single-family homes sold in 2023. The median sale price in 2024 is $822,000, up 26.5 percent as compared to $650,000 a year ago.
– Lake Forest – 32 detached single-family homes sold year-to-date, up 28.0 percent compared to 25 detached single-family homes sold in 2023. The median sale price in 2024 is $1,149,000, up 5.3 percent as compared to $1,092,000 a year ago.
– Northbrook – 28 detached single-family homes sold year-to-date, down 30.0 percent as compared to 40 detached single-family homes sold in 2023. The median sale price in 2024 is $670,277, up 24.7 percent as compared to $537,000 a year ago.
– Skokie – 33 detached single-family homes sold year-to-date, up 13.8 percent as compared to 29 detached single-family homes sold in 2023. The median sale price in 2024 is $399,000, down 2.4 percent as compared to $409,000 a year ago.
– Winnetka – 12 detached single-family homes sold year-to-date, down 20.0 percent as compared to 15 detached single-family homes sold in 2023. The median sale price in 2024 is $1,450,000, down 19.7 percent compared to $1,805,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).
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