Although inventory has tightened year-over-year, the Illinois real estate market continues to topple last year’s numbers, according to a report from the Illinois Realtors. With lower availability than last year, the demand for homes continues to grow, providing sellers the advantage as summer begins.

  • A total of 16,150 homes were sold in Illinois in May, according to the Illinois Realtors report.
  • Median sale price increased 7.2 percent statewide, while total homes sold increased 6 percent year-over-year.
  • The city of Chicago saw a 5 percent boost to 2,887, and median sale price increased to $291,000.

Although inventory has tightened year-over-year, the Illinois real estate market continues to topple last year’s numbers, according to a report from the Illinois Realtors. With lower availability than last year, the demand for homes continues to grow, providing sellers the advantage as summer begins.

The report listed a total of 16,150 homes sold in the month of May, up 6 percent year-over-year. Available inventory took a steep dip of 15.3 percent since May 2015 to 62,445.

“Inventories continue to be tight across the state as buyers scour the market for deals,” Illinois Realtors President Mike Drews said in a press release. “The pronounced demand we have seen for more than a year appears to be setting this selling season up to be one where homes go quickly and for more money, which is a huge advantage for sellers.”

Increased median sale price

This demand has also helped scoot the median home sale price up 7.2 percent, according to the report. This past May’s median sale price hit $194,000 statewide.

“In Chicago, much of the growth was generated by much more rapid increases in the prices of foreclosed properties rather than regular sale prices,” Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois, said in a press release.

The Housing Price Forecasts report produced by REAL showed that the amount of foreclosed homes sold in May was only 14.2 percent of the total home sales in Chicagoland. This is the lowest May percentage since 2009. The median sale price of foreclosed properties climbed 12.6 percent to $152,777.

Illinois real estate

Forecast from REAL report

Top Illinois markets

Out of the 102 counties in Illinois, the report said 43 posted year-over-year sales gains. Mclean County sales increased 21 percent (288 units), Dupage County sales increased 11.5 percent (1,507 units) and Peoria County sales increased 6.7 percent (270 units).

Total sales in Chicago also went up, although not quite as much McLean county. The city of Chicago saw a 5 percent boost to 2,887, and median sale price increased to $291,000.

Nearly half (49) of the counties in Illinois showed increases in median sale price. The strongest growth came from Winnebago county, where median sale price jumped 32.9 percent to $112,900.

Email Britt Chester

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×