In September 2024, Illinois saw fewer homes sold, yet home prices continued to rise alongside a boost in available homes. According to recent data from Illinois REALTORS®, home sales dropped, but home prices and inventory showed year-over-year increases for the second consecutive month.
The Decline in Home Sales Across Illinois
The state recorded 10,700 home sales in September 2024, which is an 8.5% decrease compared to the same month last year. Despite fewer sales, the market remains active with a total of 22,284 homes available. This number represents a 6.1% increase in inventory. At the same time, the median home price climbed 7.4%, reaching $290,000.
Chicago Metro Area Trends
Similar trends appeared in the Chicago metropolitan area, where home sales were down by 9.9%, totaling 6,967 transactions. Inventory in the metro area grew by 4.9%, bringing the number of available homes to 15,154. The median home price in this area rose 7.7%, landing at $350,000, showing that even with higher prices, the market remains competitive.
Inside the City of Chicago
In Chicago, median home prices rose by 7.7%, reaching $350,000. However, the number of homes available for sale decreased by 8.9%, with only 5,254 listings. This limited supply led to fewer sales in the city, which fell by 12% to 1,643 homes sold in September.
Expert Insights and Market Outlook in Illinois
Experts note that while sales are down, home price increases reflect strong buyer interest. Illinois REALTORS® highlights how stabilizing mortgage rates may support more activity in the coming months, as buyers and sellers focus on long-term investment. The Chicago Association of REALTORS® anticipates that lower interest rates could impact sales positively as early as the next quarter.
Looking ahead, industry experts predict that total sales for the year will likely end about 6% lower than 2023 levels, while prices may increase by up to 14%. Although affordability remains a challenge, there are signs of a potential easing in housing conditions across the state, especially with growing inventories and slightly lower mortgage rates expected in the future.
