In February, housing inventory in Illinois hit its lowest since 2008, according to new data from Illinois REALTORS®. That’s the year the association began tracking the data.

Just 15,502 homes were for sale last month, a 14.4% decrease year over year in addition to a record low. Among them, 7,576 houses sold statewide, reflecting a decline of 1.2% year over year. Meanwhile, the median price was $265,500, a 10.6% increase year over year.

“To improve our woeful housing shortage, we’re working diligently with state lawmakers on several legislative measures that will create housing that is more affordable around the state,” Illinois REALTORS® President Matt Silver said in a press release.

The year-over-year drop in inventory was even starker across the extended Chicago metro area. In those nine counties, only 10,166 were on the market: a 19.1% decrease from February 2023. However, home sales were down slightly less, dipping just 0.3% year over year, with 5,084 homes sold. At the same time, the median price increased 10.3% to $320,000.

In the city proper, the drop in inventory was starker still, however, home sales there increased. While just 4,111 homes were for sale in Chicago — a 20.3% year-over-year decrease — sales were up 6.7% year over year with 1,321 total homes sold. The median price increase was a bit more modest though, rising 6.5% to $330,000.

“Sellers drove the market in February, as seen in the increase in both closed sales and median sales price,” Chicago Association of REALTORS® Drussy Hernandez said of the city data. “Competitively priced homes are moving quickly, and multiple offer scenarios are commonplace due to strained inventory and buyer demand.”

Dr. Daniel McMillen, a professor of real estate and associate dean for faculty affairs at the University of Illinois-Chicago College of Business Administration also offered his analysis. “The housing market is continuing its long-running trend of low sales and relatively high prices,” McMillen said. However, he expects, “a rebound in the housing market beginning in April,” citing high consumer confidence, trends toward lower inflation and interest rates and the typically robust spring market.