Crib Chatter

The Illinois Association of Realtors is out with the latest data. Sales bounced off last year’s lows but inventory continued to fall.

And last year was a record low for inventory.

From the IAR:

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. 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.

Thanks to G for all the data on October sales going back to 1997:

October Chicago sfh/condo/th sales and median

• 1997 1,731 $129,900
• 1998 1,855 $138,000
• 1999 1,978 $159,500
• 2000 2,106 $174,710
• 2001 2,177 $200,000
• 2002 2,503 $215,000
• 2003 2,996 $236,000
• 2004 2,651 $241,000
• 2005 2,846 $268,500
• 2006 2,630 $278,000
• 2007 2,007 $285,000
• 2008 1,564 $261,000
• 2009 2,068 $215,000
• 2010 1,225 $183,000
• 2011 1,324 $162,000 (44% short/REO sales)
• 2012 2,009 $175,000
• 2013: 2,231 $218,500
• 2014: 2,128 $236,000
• 2015: 2,173 $240,000
• 2016: 2,046 $260,100
• 2017: 2,109 $260,000
• 2018: 2,108 $271,500
• 2019: 2,084 $275,000
• 2020: 2,568 $315,000
• 2021: 2,469 $313,000
• 2022: 1,740 $320,000
• 2023: 1,637 $320,000
• 2024: 1,688 $347,500

“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.”

“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 30-year fixed mortgage rate was 6.43% in October 2024, up from 6.18% in September 2024. This was down from 7.35% in October 2023.

Statewide inventory was up 7.1% to 22,576 from 21,076 last year. It has been trending higher the last few months.

But in Chicago, inventory continues to decline year-over-year. It fell 10.9% to 5,099 from 5.720 last year.

For comparison purposes on inventory:

• 2021: 8898
• 2022: 7609
• 2023: 5720
• 2024: 5099

Median home price is at an all-time high but this reflects the mix.

Is Chicago the tightest market in the country?

Illinois home sales, median prices and available homes rise in October [Illinois Association of Realtors, Press Release, November 21, 2024]