Illinois Housing Market: November 2024 Analysis
The Illinois housing market in November 2024 presents a complex landscape, characterized by both growth and contraction across various metrics. The Median Sales Price for homes in Illinois stands at $289,600, reflecting a modest year-over-year increase of 0.4%. This slight uptick suggests a stabilization in home values, despite broader economic pressures.
Conversely, the Median List Price has decreased by 3.1% year-over-year, now at $271,500. This decline indicates a potential softening in seller expectations or a strategic adjustment to attract buyers in a competitive market. The median Price Per Square Foot has risen significantly by 7.6% to $176, suggesting that while overall list prices may have decreased, the value attributed to individual property features remains strong.
In terms of sales activity, Illinois has experienced a positive trend with 10,459 Homes Sold, marking a 4.2% increase from the previous year. Pending Sales have also risen by 5.9%, totaling 10,307. These figures highlight a robust demand for housing, despite the challenges posed by a shrinking inventory, which has decreased by 3.5% to 26,891 units.
The number of New Listings has dropped by 8.5% year-over-year, with only 9,324 homes entering the market. This reduction in New Listings, coupled with a 20% decrease in Months of Supply to 2.6 months, underscores a tightening market where demand outpaces supply. The Median Days on Market have increased by 4% to 49 days, indicating that while homes are selling, they may take slightly longer to do so compared to last year.
The average sale to list ratio has seen a slight improvement, now at 98.7%, up by 0.2% year-over-year. This suggests that sellers are achieving prices closer to their initial asking prices. However, the percentage of Homes Sold above list price has decreased slightly by 0.6% to 32.4%, reflecting a more cautious buyer approach or increased negotiation leverage.
Price Drops have become more prevalent, with 21.7% of listings experiencing reductions, a 1.8% increase from the previous year. This trend may indicate sellers' willingness to adjust pricing strategies to align with market conditions. Additionally, the percentage of homes going off-market within two weeks has decreased by 4.2% to 38.1%, suggesting a slower pace in buyer decision-making.
Overall, the Illinois housing market in November 2024 is characterized by a dynamic interplay of rising demand and constrained supply, leading to nuanced pricing strategies and extended market times. While certain metrics indicate growth, others reflect the challenges of navigating a competitive and evolving real estate landscape.
