Illinois real estate summer forecast shows steady growth

Inventory is tightening, pushing sale price up
  • 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.