July 11, 2023
Sales Prices Up Again
Buyer Demand Is Still High With Sales Still Low
NOTE: These stats reflect the month of June 2023.
Northbrook, IL – June 7, 2023 – June continued its downward trend in units listed and properties sold, market times were less favorable in the local markets, and the numbers of new contracts declined. Housing data for June reveals that the number of new listings decreased as compared to the same period in 2022. Nonetheless, the average and median sales prices rose in many areas compared to last month. Lastly, homes under contract decreased for single-family home sales according to the North-Shore Barrington Association of REALTORS® (NSBAR).
NSBAR’S latest data shows that new listings decreased by 11.9 percent to 452, down from 513 a year ago. The number of closed sales also decreased by 23.5 percent in June 2023 as compared to June 2022. Likewise, the number of homes under contract (contingent and pending) decreased by 34.2 percent. However, the average sales price rose by 2.5 percent in 2023 to $1,008,137 for homes sold in June as compared to $983,307 for the same period last year.
The median sales price was up 8.1 percent in June, at $810,750 compared to $750,000 during the same period in June 2022, and the average listing price increased 3.6 percent with the percentage of the list price to sale price ratio increasing to 99.7 compared to 98.7 in June 2022.
The inventory of homes for sale in the North Shore and Barrington areas decreased by 16.4 percent in June as compared to a year ago, going to 1,311 available home from 1,568. The month’s supply for sale is down at 3.2% at 3.2 months compared to 3.1 months in June 2022.
Across the area region, year-to-date 2023 housing market highlights include:
– Year-to-date – 1,985 detached single-family homes were sold in the North Shore-Barrington market as compared to 2,858 at the same point last year. The number of communities in the region reporting an increase in home sales for June was less than in June of 2022. The median sales price increased by 8.1 percent for sales in the North Shore and Barrington areas.
– Barrington area – 233 detached single-family homes have sold year-to-date, down 37.2 percent as compared to 371 detached single-family homes sold in 2022. The median sale price in 2023 was $630,000, down 6.0 percent as compared to $670,000 a year ago.
– Deerfield – 135 detached single-family homes have sold year-to-date, down 23.7 percent as compared to 177 detached single-family homes sold in 2022. The median sales price for 2023 is $605,000, down 0.8 percent as compared to $610,000 a year ago.
– Evanston – 178 detached single-family homes have sold year-to-date, down 23.6 percent as compared to 233 detached single-family homes sold in 2022. The median sale price in 2023 is $705,000, up 6.8 percent as compared to $660,000 a year ago.
– Golf-Glenview – 230 detached single-family homes have sold year-to-date, down 27.0 percent as compared to 315 detached single-family homes sold in 2022. The median sale price in 2023 is $730,000, up 3.3 percent as compared to $707,000 a year ago.
– Lake Forest – 133 detached single-family homes have sold year-to-date, down 38.1 percent as compared to 215 detached single-family homes sold in 2022. The median sale price in 2023 is $1,050,000, down 10.3% as compared to $1,170,000 a year ago.
– Northbrook – 173 detached single-family homes have sold year-to-date, down 24.1 percent as compared to 228 detached single-family homes sold in 2022. The median sale price in 2023 is $699,000, up 5.1 percent as compared to $665,000 a year ago.
– Skokie – 163 detached single-family homes have sold year-to-date, down 22.4 percent as compared to 210 detached single-family homes sold in 2022. The median sale price in 2023 is $425,000, up 4.3 percent as compared to $407,000 a year ago.
– Winnetka – 100 detached single-family homes have sold year-to-date, down 29.1 percent as compared to 141 detached single-family homes sold in 2022. The median sale price in 2023 is $1,569,000, up 4.6 percent as compared to $1,500,000 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.
Based on Census Tract data, MRED defines the North Shore as including Bannockburn, Deerfield, Evanston, Glencoe, Glenview, Golf, Highland Park, Highwood, Kenilworth, Lake Bluff, Lake Forest, Lincolnshire, Lincolnwood, Mettawa, Morton Grove, Northbrook, Northfield, Prairie View, Riverwoods, Skokie, Wilmette, and Winnetka.