November Illinois dwelling gross sales, median costs and accessible houses all go up for second straight month

12 months-over-year dwelling gross sales, median costs and houses accessible on the market in Illinois rose throughout November, based on information from Illinois REALTORS®.

In November 2024, statewide home sales (together with single-family houses and condominiums) of 9,950 houses bought was 2.8 p.c larger than 9,681 bought in November 2023. The 20,863 houses accessible on the market statewide in November was 2.3 p.c greater than the 20,401 accessible houses in November 2023. The month-to-month median worth of $285,000 in November 2024 was 7.5 p.c increased than it was in November 2023 at $265,000. The median is a typical market worth the place half the houses bought for extra and half bought for much less.

“The Illinois housing market in November 2024 demonstrated sturdy resilience and continued development throughout the board,” stated Tommy Choi, Illinois REALTORS® 2025 President and co-founder and proprietor of Weinberg Choi Residential at Keller Williams ONEChicago. “These figures spotlight the varied power of Illinois’ housing market—from the vibrancy of city areas to the regular appreciation seen throughout the state. Whereas stock ranges stay a problem, the constant upward trajectory of dwelling values reaffirms actual property as a key driver of economic safety and neighborhood stability. As we shut out 2024, these tendencies set a hopeful tone for what lies forward in Illinois housing.”

Within the nine-county Chicago Metro Space, November 2024 dwelling gross sales (single-family and condominiums) totaled 6,548 houses bought, rising 2.9 p.c from November 2023 gross sales of 6,365 houses. In November 2024, there have been 13,577 houses on the market within the Chicago Metro Space, a 1.0 p.c lower from 13,709 houses available on the market in November 2023. The median worth of a house within the Chicago Metro Space of $347,500 in November 2024 was 7.8 p.c larger than $322,250 in November 2023.

“Our three-month forecast expects statewide closed gross sales exercise by means of February to be on par with ranges seen by means of February 2024, whereas home worth development is predicted to stay sturdy with costs of single-family houses anticipated to extend by practically 10 p.c by means of February 2025 in comparison with the earlier 12 months,” stated Geoff Smith, Government Director, Institute for Housing Research at DePaul College in Chicago. “Taking a look at broader market situations, regardless of tight inventories, continued excessive mortgage rates of interest, and normal affordability issues, client housing sentiment is enhancing. Fannie Mae’s most up-to-date nationwide housing survey exhibits more and more constructive perceptions of the housing market largely pushed by a rising share of customers who imagine mortgage rates of interest will decline over the following 12 months.”

The town of Chicago noticed a 3.7 p.c year-over-year dwelling gross sales enhance in November 2024 with 1,481 gross sales, up from 1,428 in November 2023. In November 2024, there have been solely 4,557 houses on the market within the metropolis of Chicago, a 12.3 p.c lower from 5,198 houses available on the market in November 2023. The median worth of a house within the metropolis of Chicago in November 2024 was $365,000, a rise of 13.0 p.c from November 2023 when the median worth was $323,000.

“In November, closed gross sales elevated barely, whereas stock continued to lower and median gross sales worth elevated,” Erika Villegas, president of the Chicago Affiliation of REALTORS® and dealer and proprietor of RE/MAX Within the Village stated. “Decrease rates of interest over the previous couple of months expanded consumers’ buying energy, so anybody trying to listing their dwelling ought to take a important look to make sure it’s prepared on the market.”

Gross sales and worth info are generated by A number of Itemizing Service closed gross sales reported by 21 collaborating Illinois REALTOR® native boards and associations together with Midwest Actual Property Information LLC information as of Dec. 7, 2024, for the interval Nov. 1 by means of Nov. 30, 2024. The Chicago Metro Space, as outlined by the U.S. Census Bureau, consists of the counties of Prepare dinner, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Primarily based on the Freddie Mac information, the month-to-month common dedication fee for a 30-year, fixed-rate mortgage was 6.81 p.c in November 2024, up from the earlier month of 6.43 p.c. The November 2023 common was 7.44 p.c.

Discover Illinois housing stats, information and the November 2024 forecast from the Institute for Housing Research at DePaul College at http://www.illinoisrealtors.org/marketstats/.

Illinois REALTORS® is a voluntary commerce affiliation whose 50,000 members are engaged in all sides of the actual property business. Along with serving the skilled wants of its members, Illinois REALTORS® works to guard the rights of personal property house owners within the state by recommending and selling laws to safeguard and advance the curiosity of actual property possession.