March 17, 2024
March Listings Fall As Prices Increase
Home Sales Continue to Fall Short of Expectations
NOTE: These stats reflect the month of March 2024.
Northbrook, IL – April 5, 2024 – In March, the number of units listed, and properties sold fell, and the market time became less advantageous in local markets. Additionally, there was a decline in new contracts. Housing data for March shows that the number of new listings decreased as compared to the same period in 2023. Additionally, there has been an increase in both the average and median sales prices across numerous regions when compared to the previous month. 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 decreased 28.6 percent to 416, down from 583 a year ago. The number of closed sales also decreased 9.9 percent for March 2024 as compared to last year. The number of homes under contract (contingent and pending) decreased 22.6 percent. While the average sales price rose 23.8 percent in 2024 to $962,233 for homes sold in March as compared to $777,288 during the same period last year.
The median sales price was also up 14.8 percent in March to $720,000 as compared to $627,500 during the same period in March 2023. Moreover, the average listing price increased 21.81 percent with the percentage of the list price to sale price ratio increasing to 99.9 as compared to 98.4 in March 2023.
The inventory of homes for sale in the North Shore and Barrington area decreased by 2.6 percent in March as compared to a year ago, going to 876 from 1,052. The month’s supply for sale is also down by 6.0% to 3.7 months as compared to 3.8 months in March 2023.
Across the area region, year-to-date 2024 housing market highlights include:
– Year-to-Date — 626 detached single-family homes sold in the North Shore-Barrington market as compared to 686 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 6.4 percent for sales in the North Shore and Barrington areas.
– Barrington area – 73 detached single-family homes have sold year-to-date, down 13.1 percent as compared to 84 detached single-family homes sold in 2023. The median sale price in 2024 was $652,000, up 18.6 percent as compared to $549,000 a year ago.
– Deerfield – 48 detached single-family homes have sold year-to-date, up 6.7 percent as compared to 45 detached single-family homes sold in 2023. The median sales price in 2024 was $664,000, up 19.9 percent as compared to $554,000 a year ago.
– Evanston – 46 detached single-family homes have sold year-to-date, down 25.8% as compared to 62 detached single-family homes sold in 2023. The median sale price in 2024 was $599,000, down 4.5 percent compared to $627,000 a year ago.
– Golf-Glenview – 65 detached single-family homes have sold year-to-date, down 14.5% as compared to 76 detached single-family homes sold in 2023. The median sale price in 2024 was $900,000, up 26.6 percent as compared to $711,000 a year ago.
– Lake Forest – 49 detached single-family homes have sold year-to-date, up 16.7%, compared to 42 detached single-family homes sold in 2023. The median sale price in 2024 was $1,250,000, up 16.7% as compared to $983,000 a year ago.
– Northbrook – 49 detached single-family homes have sold year-to-date, down 24.6 percent as compared to 65 detached single-family homes sold in 2023. The median sale price in 2024 was $720,000, up 20.0 percent as compared to $600,000 a year ago.
– Skokie – 65 detached single-family homes have sold year-to-date, up 6.6% as compared to 61 detached single-family homes sold in 2023. The median sale price in 2024 was $421,000, up 1.4 percent as compared to $415,000 a year ago.
– Winnetka – 23 detached single-family homes have sold year-to-date, down 20.7% as compared to 29 detached single-family homes sold in 2023. The median sale price in 2024 was $1,499,000, up 8.2 percent as compared to $1,385,000 a year ago.
Sales and price information is generated by NSBAR with Midwest Real Estate Data (MRED).
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