Statewide home sales were down year over year in March 2023, according to new data from Illinois REALTORS®. Last month, 11,178 homes were sold: a 19.9% decrease from 2022. However, sales were up 46% month over month.

“This time of year, it is typical to see month-to-month increases in sales, and March 2023 was a great example of that in Illinois,” said Illinois REALTORS® President Michael Gobber said in a press release.

Meanwhile, the median price for an Illinois home slipped 0.4% year over year to $259,000. “Median prices are at approximately the same level as this time last year, although the number of sales is lower. Our forecast is for prices to appreciate through July, but at a lower rate than last year,” Dr. Daniel McMillen, head of the Stuart Handler Department of Real Estate, said.

In Chicagoland, the picture was similar. Metro- area home sales were down 22.2% year over year to 7,802 but up 53% month over month. And from March 2022, the median price showed no change, remaining at $310,000.

In the city proper, home sales decreased 24.8% year over year to 2,168 and increased a 75% month over month. However, the price slip in Chicago was more considerable than Illinois at large; median prices fell 3.2% year over year to $345,000year over year.

“While we continue to see a decline in closed sales that matches the decline in inventory, those who were on the fence during the hectic pandemic market are finding opportunities to enter the market with positive hope,” Chicago Association of REALTORS® Sarah Ware concluded, reflecting on the numbers.