Illinois home sales, median prices and available homes rise in October

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Year-over-year home sales, median prices and homes available for sale in Illinois rose during October, according to data from Illinois REALTORS®.

In October 2024, statewide home sales (including single-family homes and condominiums) of 11,129 homes sold was 1.9 percent greater than 10,920 sold in October 2023. The 22,576 homes available for sale statewide in October was 7.1 percent more than the 21,076 available homes in October 2023. The monthly median price of $285,000 in October 2024 was 8.0 percent higher than it was in October 2023 at $264,000. The median is a typical market price where half the homes sold for more and half sold for less.

"I think it is a good sign that statewide year-over-year sales, median prices and inventory were all up during October, especially since it is the third time we have seen all three go up during the same month in 2024," said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. "While the state is still wrestling with a housing crisis, we welcome any sign of resiliency, and Illinois REALTORS® remains committed to working with elected officials to increase housing inventory and affordability."

In the nine-county Chicago Metro Area, October 2024 home sales (single-family and condominiums) totaled 7,362 homes sold, rising 1.7 percent from October 2023 sales of 7,237 homes. In October 2024, there were 15,125 homes for sale in the Chicago Metro Area, a 5.4 percent increase from 14,349 homes on the market in October 2023. The median price of a home in the Chicago Metro Area of $340,000 in October 2024 was 7.6 percent greater than $316,000 in October 2023.

"Our three-month forecast expects statewide closed sales activity through January to be about 3 percent lower than January 2024 levels, while single-family home prices are anticipated to rise nearly 12 percent year-over-year by January 2025," said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. "Looking at broader market conditions, statewide housing inventory has been on the rise since May but remains historically low compared to pre-pandemic levels. Meanwhile, after declining over the summer, interest rates have been climbing again since October. This interest rate volatility, coupled with ongoing affordability pressures, underscores the challenges many homebuyers continue to face."

The city of Chicago saw a 3.1 percent year-over-year home sales increase in October 2024 with 1,688 sales, up from 1,637 in October 2023. In October 2024, there were only 5,099 homes for sale in the city of Chicago, a 10.9 percent decrease from 5,720 homes on the market in October 2023. The median price of a home in the city of Chicago in October 2024 was $347,500, an increase of 8.6 percent from October 2023 when the median price was $320,000.

"In October, we saw a slight uptick in closed sales, however, inventory continues to drop," Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. "This reflects cautious sellers hesitant to list before securing their next home-a process further strained by limited options. This is an obstacle with a compounding effect and highlights the importance of talking with a REALTOR® to determine the best approach."

Sales and price information are generated by Multiple Listing Service closed sales reported by 21 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Nov. 7, 2024, for the period Oct. 1 through Oct. 31, 2024. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Based on the Freddie Mac data, the monthly average commitment rate for a 30-year, fixed-rate mortgage was 6.43 percent in October 2024, up from the previous month of 6.18 percent. The October 2023 average was 7.35 percent.

Find Illinois housing stats, data and the November 2024 forecast from the Institute for Housing Studies at DePaul University at http://www.illinoisrealtors.org/marketstats/.