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

In September 2024, statewide home sales (including single-family homes and condominiums) of 10,700 homes sold was 8.5 percent lower than 11,691 sold in September 2023.

The 22,284 homes available for sale statewide in September was 6.1 percent more than the 21,010 available homes in September 2023.

The monthly median price of $290,000 in September 2024 was 7.4 percent higher than it was in September 2023 at $270,000. The median is a typical market price where half the homes sold for more and half sold for less.

“The Illinois real estate market continues to evolve, reflecting the dynamic balance between demand, pricing, and mortgage rates,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. “While we’re seeing a decrease in closed sales across the state, it’s important to note that the rise in median home prices indicates strong buyer competition, even as inventory slightly improves. As mortgage rates begin to stabilize after the volatility of the past year, buyers and sellers are navigating this market with a focus on value and long-term investment. This trend signals a competitive and resilient market for real estate.”

In the nine-county Chicago Metro Area, September 2024 home sales (single-family and condominiums) totaled 6,967 homes sold, falling 9.9 percent from September 2023 sales of 7,732 homes. In September 2024, there were 15,154 homes for sale in the Chicago Metro Area, a 4.9 percent increase from 14,445 homes on the market in September 2023. The median price of a home in the Chicago Metro Area of $350,000 in September 2024 was 7.7 percent greater than $325,000 in September 2023.

“Our three-month forecast expects statewide closed sales activity in the fourth quarter of 2024 to be about 6 percent lower than levels seen in the fourth quarter of 2023, and prices of single-family homes are expected to increase by nearly 14 percent by the end of the year compared to December 2023,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. “Homebuying conditions continue to be challenging with affordability remaining a concern, but there are some signs that these conditions may ease with statewide housing inventories increasing starting in the second half of 2024 and recent declines in mortgage interest rates.”

The city of Chicago saw a 12.0 percent year-over-year home sales decrease in September 2024 with 1,643 sales, down from 1,867 in September 2023. In September 2024, there were only 5,254 homes for sale in the city of Chicago, an 8.9 percent decrease from 5,768 homes on the market in September 2023. The median price of a home in the city of Chicago in September 2024 was $350,000, an increase of 7.7 percent from September 2023 when the median price was $325,000.

“In September, closed sales trended down, but the need to buy and sell was still evident in the decrease of days on market and increase in median sales price,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “With interest rates hitting their lowest in September, and knowing a transaction cycle is around 60 days, we should see the impact of dropping interest rates in the coming months.”

Sales and price information are generated by Multiple Listing Service closed sales reported by 22 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Oct. 7, 2024, for the period Sept 1 through Sept. 30, 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 6.18 percent in September 2024, down from the previous month of 6.50 percent. The September 2023 average was 7.20 percent.

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

Illinois REALTORS® is a voluntary trade association whose 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.