Is the Illinois Housing Market Slowing Down?
January 15, 2024
November year-over-year home sales in Illinois witnessed a decline, primarily attributed to the scarcity of available housing inventory, according to data from Illinois REALTORS®.
In November 2023, statewide home sales, encompassing both single-family homes and condominiums, totaled 9,508 homes, marking a 10.1 percent decrease compared to the 10,581 sold in November 2022. Additionally, the monthly median price in November 2023 was $265,000, reflecting a 9.5 percent increase from the previous year at $242,000.
One of the contributing factors to this decline is the limited housing supply, with only 20,568 homes for sale statewide in November 2023—a significant 22.2 percent drop from the 26,434 homes on the market in November 2022. Homes sold faster, taking an average of 27 days in November 2023 compared to 31 days in the same month the previous year.
