Number of homes sold continues to tumble year-over-year

From June 2023 to June 2024, the number of detached, single-family homes sold in the Chicago suburbs fell nearly 20 percent. There were 3,360 detached homes that sold last June and only 2,735 detached homes that sold last month.

Nationally, 26% of Realtors said that lack of inventory and housing affordability prevented clients from buying homes in 2023, and local experts from Mainstreet REALTORS agree, saying this trend is continuing.

“Four years ago, there were nearly 200,000 new single-family homes listed in Chicago and the surrounding suburbs, and last month that number was down 35% to just over 130,000,” Tim Ryan, president of Mainstreet REALTORS said. “While there is some cool off in home sales because people are waiting until interest rates come down, what we're seeing in Illinois is a slowdown because of the inventory crunch.”

Last June, the median sale price was $385,000 and this June it was up to $425,000, a 10.4% increase in median sale prices for single-family homes.

“For well positioned homes, this is a sellers' market,” John Gormley, CEO of Mainstreet REALTORS said. “If you're a buyer, it's competitive out there, but a Mainstreet Realtor can help you explore your options and put together a standout offer if you find the right home.”

The sale of attached homes was also down 13.4%, from 1,467 in June 2023 to 1,270 last month. Like detached homes, attached home median sale prices were up 8.4%. Last June, attached homes were selling for a median price of $251,000, while last month they were selling for a median sale price of $272,000.

While home sales in most Chicago suburbs were down, there are a few suburbs that saw increases from June 2023 to June 2024. Several include: Bartlett (13.9% increase in detached home sales); Carol Stream (8.3%); Downers Grove (25.9%); Elk Grove Village (9.5%); Geneva (9.5%); Green Oaks — Libertyville (50.0%); Gurnee (13.3%); Hinsdale (8.8%); Lake Villa — Lindenhurst (41.9%); Lemont (19.1%); Montgomery (10.0%); Niles (41.2%); and Palatine (7.0%).