Illinois Real Estate Market Insights for July 2024
Illinois Housing Market Analysis - July 2024
The Illinois housing market in July 2024 presents a mixed bag of trends, reflecting both resilience and challenges. This analysis delves into various key metrics to provide a comprehensive overview of the current state of the market.
Median Sales Price
The median sales price in Illinois stands at $309,100 showing a slight decrease of 0.03% year-over-year (YoY). This marginal decline suggests a stabilization in home prices, which could be indicative of a balanced market where neither buyers nor sellers hold a significant advantage.
Median List Price
The median list price is currently $297,800 which is down by 4% YoY. This decline in list prices may be a response to the slight decrease in sales prices, as sellers adjust their expectations to align with market conditions. It also indicates a potential softening in seller confidence.
Price Per Square Foot
The median price per square foot has risen to $186 marking a 7% increase YoY. Similarly, the median list price per square foot is $182 up by 6% YoY. These increases suggest that while overall prices may be stabilizing or slightly declining, the value attributed to each square foot of property is appreciating, possibly due to higher construction costs or increased demand for smaller, more efficient living spaces.
Homes Sold and Pending Sales
The number of homes sold in July 2024 is 13,618 reflecting a 7% increase YoY. This uptick in sales volume indicates a healthy demand for housing in Illinois. However, pending sales have decreased by 3% YoY, totaling 13,685. This decline in pending sales could signal a potential slowdown in future transactions, possibly due to economic uncertainties or seasonal variations.
New Listings and Inventory
New listings have slightly decreased by 1% YoY, with 14,832 homes entering the market. The total inventory of homes available for sale is 28,862 down by 6% YoY. This reduction in inventory, coupled with the slight decrease in new listings, suggests a tightening market where supply is not keeping pace with demand.
Months of Supply
The months of supply, a critical indicator of market balance, is currently at 2.1 months, representing a significant 30% decrease YoY. This sharp decline indicates a seller's market, where the limited supply of homes is likely to drive competition among buyers, potentially leading to quicker sales and higher prices.
Median Days on Market
The median days on market remains unchanged at 43 days YoY. This stability suggests that homes are selling at a consistent pace, neither accelerating nor slowing down significantly compared to the previous year.
Sale to List Price Ratio
The average sale to list price ratio is 1.00 unchanged YoY. This ratio indicates that, on average, homes are selling for their listed price, reflecting a balanced negotiation dynamic between buyers and sellers.
Sold Above List Price
The percentage of homes sold above list price is 45%, down by 2% YoY. This slight decrease suggests that while a significant portion of homes are still selling for more than their asking price, the competitive bidding environment may be easing slightly.
Price Drops
The percentage of price drops remains steady at 22.42% YoY. This consistency indicates that sellers are maintaining their pricing strategies, with a similar proportion of homes requiring price adjustments to attract buyers.
Off Market in Two Weeks
The percentage of homes going off market within two weeks is 51%, down by 4% YoY. This decline suggests that homes are taking slightly longer to sell, which could be a result of the increased inventory or changing buyer behavior.
In summary, the Illinois housing market in July 2024 exhibits a blend of stability and shifts. While median sales prices have slightly decreased, the value per square foot has appreciated, indicating nuanced market dynamics. Increased sales volume and reduced inventory point to a competitive market, yet the decline in pending sales and new listings suggests potential future challenges. Overall, the market remains active and balanced, with indicators of both buyer and seller activities shaping the landscape.
