In January, just 130,475 new properties were listed in Chicagoland. That’s the lowest monthly number seen since data tracking began in 2008, beating the previous record low of 157,282 listings seen in February 2013.
Recent data from the Mainstreet Organization of REALTORS® revealed this low, and the association’s press release brought up a potential recession as “the looming question.”
During Mainstreet’s annual economic forecast breakfast, held on Feb. 14, Dr. Elliot Eisenberg, chief economist with GraphsandLaughs LLC, predicted that the U.S. economy will indeed face an economic recession in 2024, but, according to the press release, he believes the downturn will be brief and “unmemorable.”
Aside from the drop in new listings, in the suburbs Mainstreet represents, detached homes sales held relatively steady year over year with 1,471 homes sold during January. That reflects a decline of just 26 homes.
However, there was a near-14% drop in detached homes under contract, with 1,909 under contract in January. Meanwhile, median prices were up 11.4%, rising to $340,000.
The suburbs which saw the greatest year-over-year decline in detached home sales were, in order: Lemont (down 41.7%), Round Lake (down 37.5%), Markham (down 35.0%), Dolton (down 31.3%), Wheaton (down 27.3%), Mundelein (down 26.1%), Geneva (down 25.0%), Des Plaines (down 22.7%), Schaumburg (down 12.5%) and Gurnee (down 10.5%).
Attached home sales, though, grew slightly, rising 3% to 736 sales year while the number of attached homes under contract slid 3.6% to 980 homes. And, similar to detached homes, attached home prices were up 12.4% with a median price of $235,000.
“Coming out of COVID, the housing market has yet to normalize. While major trends have held steady, the market is always dynamic, and it will be even more so as rates come down,” Mainstreet President Tim Ryan concluded.
“We’ve experienced what economists are calling the most challenging housing market in history, and hopefully the tides are turning,” added Mainstreet CEO John Gormley.