Markets & EconomyMortgage

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. 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 media...