Tracy Cross & Associates, Inc.
3rd Quarter 2024
During the first three quarters of 2024, a total of 4,147 new homes were sold throughout the Chicago metropolitan region, an increase of 4.1 percent compared to the 3,984 sales registered during same period in 2023.
Volumes during the 3rd Quarter 2024, however, were down slightly year-over-year (5.8 percent) with single family homes showing a decline of just 1.3 percent, with the attached sector experiencing a more substantial 14.8 percent decrease.
Despite the modest dip during the most recent three-month period, production homebuilders are on pace to reach 5,200 sales in 2024, one of the highest yearly volumes in the last 10+ years, second only to the post-pandemic surge in 2021 when 5,536 sales were recorded. Moreover, the level of activity being realized in 2024 has occurred among the lowest number of active subdivisions. In other words, while inventory is at its lowest level in more than 25 years, and prices are up more than 7.0 percent during the last 12 months, sales remain strong, especially on a per-project basis.
Geographically, the Northwestern Corridor continued to experience the highest volume of transactions with 1,411 year-to-date sales, largely driven by competitive price points in areas such as Hampshire and Pingree Grove. Following the Northwestern Corridor were the Western and Southwestern Corridors with 1,115 and 819 sales, respectively.
D.R. Horton led all homebuilders during the first nine months of 2024 with 862 total sales, followed closely by Lennar with 853 sales. Rounding out the top five were Pulte (675 sales), M/I Homes (615) and Ryan Homes (374). Collectively, these top five homebuilders captured more than 80 percent of all sales in the Chicagoland marketplace.