Home sales in Chicago area slightly down in 2024, report finds
CHICAGO - Annual home sales in the Chicago Metro Area were down around 1.3% last year compared to 2023, according to a new report.
A total of 88,413 homes were sold in 2024, compared to 89,620 in 2023 in the area, according to a report from Illinois Realtors, a trade association for real estate agents.
The 2024 annual median price of a home in the Chicago Metro Area was $350,000, up 7.9% from $324,500 the previous year.
The organization defines the Chicago Metro Area as including Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will counties.
Chicago market also slows
Dig deeper:
The slowing housing market was also seen specifically in the City of Chicago.
While home sales increased 5.3% year-over-year in December of 2024, the number of homes for sale in the city was down significantly (15.2%) over the same time period.
The median price of a home in Chicago in 2024 was $355,000, a 7.6% increase from the year before.
There was a total of 22,071 homes sold in Chicago in 2024, down 1.6% from the 22,437 sold in the previous year.
The average 30-year, fixed-rate mortgage at the end of last year was 6.72%, down from the previous year’s 6.82%, according to Freddie Mac data.
‘Inventories remain tight’
What they're saying:
Geoff Smith, the executive director of the Institute for Housing Studies at DePaul University, explained that while trends have remained steady and housing prices continue to go up, that’s because there are still few houses available for sale.
"Looking at broader market conditions in the state, inventories remain tight despite slight increases and mortgage rates remain persistently high," Smith said in a statement. "Despite these challenging conditions, housing sentiment remained high to close the year based on continued optimism that mortgage rates will decline and homebuying and selling conditions will improve in 2025."
Erika Villegas, president of the Chicago Association of Realtors, said Chicago’s housing metrics show that buyers are adjusting to steady interest rates and the limited inventory.
"Buyers are broadening their horizons and budgeting proactively, with the understanding that interest rates may not significantly change, so they’re working within what inventory is available," she said in a statement.