Lake County, Illinois/Flickr user Teemu008 Spring was kind to Chicago's housing situation, and the momentum is continuing into the second half of the year, according a recent market report from Re/Max Northern Illinois. The report shows tightening inventory in May meant homes stayed on the market for less time, and people were eager to buy them. Out of the seven counties that make up Chicagoland, Lake County posted the highest increase in home sales year-over-year in May, at 16 percent. Both Dupage and Kendall counties enjoyed 13 percent increases in home sales. Will County was the only market to post a decline, falling 2 percent. Strong May sales in McHenry County helped median sale price increase 13 percent year-over-year. Home sales also grew 8 percent. "I'm optimistic we'll see an expanding inventory, especially in the middle ranges of the market where supplies are the tightest," Jack Kreider, executive vice president and regional director of Re/Max Northern Illin...
- A total of 11,616 homes sold in the Chicago metro area in May.
- Median sales price increased to $235,000 in Chicagoland.
- Homes sold were on the market for an average of 87 days, down from 94 days last year.