Home sales, homes prices and homes for sale all rose in Illinois during October, according to new data from Illinois REALTORS®.

In October 2024, there were 22,576 homes on the market statewide: a 7.1% increase year over year. Among those, 11,129 homes sold: a 1.9% increase year over year. Meanwhile, the median sales price rose 8%, hitting $285,000.

In the Chicago metro area, the picture was similar with 15,125 homes for sale, a 5.4% increase year over year. Home sales increased 1.7% with 7,362 total sales, and prices rose 7.6%, reaching $340,000.

In the city proper, the bump in sales was even higher with 1,688 sales: a 3.1% year-over-year increase. However, inventory there decreased, dropping 10.9% with 5,720 homes on the market. At the same time, the median sales price was up 8.6% at $320,000.

Looking ahead, though, Geoff Smith, executive director at the Institute for Housing Studies at DePaul University, expects Illinois sales will slump by roughly 3% through January. “[Meanwhile] single-family home prices are anticipated to rise nearly 12% year-over-year by January 2025,” he said. Smith also highlighted that while Illinois inventory is on the rise, it still remains low compared to pre-pandemic levels.

Chicago Association of REALTORS® President Erika Villegas also commented on inventory. “Inventory continues to drop [in Chicago] … This reflects cautious sellers hesitant to list before securing their next home — a process further strained by limited options,” she said. “This is an obstacle with a compounding effect.”