The number of home sales in the North Shore in the 1st quarter of 2024 decreased by 8% as compared to the 1st quarter of 2023. The median sale price was up 12%, and the average market time decreased 21%. As was the case in 2022 and 2023, it has again been a strong Sellers’ market in 2024. Here are the statistics:
| Number of Homes Sales | Average Market Time | |||||||
| 1st Q-23 | 1st Q-24 | 1st Q-23 | 1st Q-24 | |||||
| Wilmette | 51 | 33 | 40 | 38 | ||||
| Evanston | 62 | 46 | 68 | 54 | ||||
| Winnetka | 29 | 23 | 60 | 62 | ||||
| Glenview | 76 | 65 | 79 | 52 | ||||
| North Shore | 602 | 553 | 69 | 54 | ||||
| Average Home Price (in thousands) | Median Home Price (in thousands) | |||||||
| 1st Q-23 | 1st Q-24 | % Change | 1st Q-23 | 1st Q-24 | % Change | |||
| Wilmette | 1094 | 1154 | 5% | 919 | 910 | -1% | ||
| Evanston | 713 | 671 | -6% | 628 | 600 | -4% | ||
| Winnetka | 1794 | 2119 | 18% | 1385 | 1499 | 8% | ||
| Glenview | 821 | 996 | 21% | 711 | 900 | 27% | ||
| North Shore | 863 | 960 | 11% | 625 | 700 | 12% | ||
The above statistics are for detached single family homes and were compiled from data collected by the Multiple Listing Service (Midwest Real Estate Data LLC), and may not include all home sales.
Prices: For closed sales in the first quarter prices are up significantly for the start of this year. The median North Shore price is up 12% and the average is up 11%. Since these are closed sales they mostly reflect homes that went under contract at the end of 2023. I will be curious to see how the numbers work out at the end of the first half as the market has continued to be strong for Sellers this spring.
Inventory: One reason we are seeing strong sales again this year is the continued lack of inventory. We saw record low inventory last year at this time and it has continued to remain at these record low levels. Wilmette currently has 38 active, not under contract homes, last year there were 32. In a typical year there would be 150 homes on the Wilmette market during the spring season. Evanston, with 46 active homes is about the same as last year. Winnetka has 27 active homes which is a significant decrease from the 40 it had last year. Glenview has 54 active homes which is a big decrease from the 84 it had last year. The North Shore has 596 active homes which is a 4% decrease. Moreover, last year we saw record low inventory and nevertheless this year it has dropped a little lower.
Interest Rates: Interest rates have been quite stable this year. They have been hovering in the mid 6’s for conforming 30-year fixed rate loans and in the upper 6’s for jumbo 30-year fixed rate loans. Last year at this time, they were in a similar range. So after a big move up in 2022, rates have been relatively stable for the last year.
The highest sale price in the North Shore this quarter is a home in Winnetka that sold for $5,750,000. It was built in 2013, has 1.3 acres of land, over 13,000 sq feet of living space, and features a massive backyard, and huge primary suite with 2 walk-in closets and 2 baths.
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