Illinois Housing Market Analysis - August 2024

The Illinois housing market in August 2024 presents a mixed bag of trends, characterized by a mix of declining and rising metrics. The Median Sales Price for homes in Illinois stands at $300,900, reflecting a year-over-year (YoY) decrease of 2.7%. Similarly, the Median List Price has dropped by 3.1% YoY to $288,000. Despite these declines, the median Price Per Square Foot has increased by 5.6% YoY to $181, and the Median List Price per square foot has risen by 6.8% YoY to $180.

In terms of sales activity, the number of Homes Sold in August 2024 is 13,316, marking a 6.2% YoY decline. Pending Sales have also decreased by 9.2% YoY, totaling 12,793. New Listings have seen a 6.1% YoY reduction, with 14,214 new properties entering the market. Inventory levels have decreased by 4.3% YoY to 28,931 homes, while the Months of Supply have increased by 10.0% YoY to 2.20 months, indicating a slight shift towards a buyer's market.

The Median Days on Market for homes in Illinois is 44 days, showing a modest 1.0% YoY increase. The average sale to list ratio is 99.4%, down by 0.3% YoY, suggesting that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has decreased by 3.7% YoY to 39.2%. Additionally, the proportion of Price Drops has risen by 3.3% YoY to 23.0%, indicating that sellers are adjusting their expectations in response to market conditions. The percentage of homes going off-market within two weeks has declined by 2.6% YoY to 48.0%.

Overall, the Illinois housing market in August 2024 is experiencing a period of adjustment, with declining sales and listing prices, but rising Price Per Square Foot metrics. The increase in Months of Supply and Price Drops suggests a market that is gradually shifting in favor of buyers, although homes are still selling relatively quickly.