The number of North Shore homes sales in the 3rd quarter of 2024 was down 2% as compared to the 3rd quarter of 2023. Market time was down 1% and median prices saw a large 12% increase. Overall, it was another strong quarter for North Shore home sellers. While the number of sales was down slightly, that was due to the very small inventory. Average market time was 37 days which is well below a typical market time of approximately 100 days.
Here are the 3rd Quarter Statistics:
| Number of Homes Sales | Average Market Time | |||||||
| 3rd Q 23 | 3rd Q 24 | 3rd Q 23 | 3rd Q 24 | |||||
| Wilmette | 83 | 71 | 26 | 30 | ||||
| Evanston | 89 | 97 | 28 | 37 | ||||
| Winnetka | 55 | 57 | 58 | 25 | ||||
| Glenview | 145 | 127 | 40 | 22 | ||||
| North Shore | 1056 | 1030 | 40 | 37 | ||||
| Average Home Price (in thousands) | Median Home Price (in thousands) | |||||||
| 3rd Q 23 | 3rd Q 24 | % Change | 3rd Q 23 | 3rd Q 24 | % Change | |||
| Wilmette | 1248 | 1317 | 6% | 999 | 1200 | 20% | ||
| Evanston | 774 | 850 | 10% | 703 | 757 | 8% | ||
| Winnetka | 2149 | 2055 | -4% | 1635 | 1715 | 5% | ||
| Glenview | 841 | 994 | 18% | 733 | 876 | 20% | ||
| North Shore | 950 | 1045 | 10% | 734 | 820 | 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: Prices in the 3rd quarter were up substantially when compared to last year at this time. Last year prices had paused from the significant gains that had been made from the prior 3 years, but this year the gains continued. As is typical when pulling just one quarter of sales, the price changes in individual suburbs varied greatly with Wilmette’s median statistical price change being up 20% and Winnetka’s up 5%. Neither of those numbers is what happened in reality—one is too high, and one is too low. This once again proves that the sample size of one suburb for one quarter is too small to get a reliable number. The North Shore statistical increase of 12%, which is a big gain, is closer to what actually happened in all of these suburbs.
Inventory: Inventory last year had decreased to historic lows. This year, while it has varied among the suburbs, the North Shore inventory has remained at the historic low numbers that we saw last year. Wilmette has 41 single-family homes on the market that are not under contract. Last year at this time there were 32 active homes so Wilmette has seen an increase. Evanston, on the other hand, has 46 active homes currently, and last year it had 68 at this time so it has seen an inventory drop. Winnetka has 37 active homes, last year there were 35. Glenview has had an inventory increase going from 72 to 82 homes. The North Shore as a whole saw a small decrease, going from 705 to 697.
Interest Rates: Interest Rates this year have dropped significantly. They are currently around 6% for a 30-year fixed rate conforming loan. That is down about 1.75% from this time last year.
The highest sale price in the North Shore in the 3rd quarter was $8,500,000 for a 1902 home in East Winnetka that is in pristine condition and located on ¾ of an acre of land. It has a pool, outdoor kitchen, and a fully renovated lower level with a gym, sauna, wine room, bar area and deluxe media space.
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