ย ๐Ÿ“ˆย MAY 2017 ILLINOIS MARKET REPORT: Gains in Sales and Prices

Statewide home sales picked up in May and properties sold quickly even as median prices tracked higher than a year ago.

Statewide home sales (including single-family homes and condominiums) in May 2017 totaled 17,077 homes sold, up 3.8 percent from 16,450 in May 2016.

The statewide median price in May was $209,000, up 8.3 percent from May 2016, when the median price was $193,000. The median is a typical market price where half the homes sold for more and half sold for less.

The time it took to sell a home in May averaged 52 days, down from 59 days a year ago. Available housing inventory totaled 56,535 homes for sale, a 14.9 percent decline from May 2016 when there were 66,424 homes on the market.

In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in May 2017 totaled 12,491 homes sold, up 5.1 percent from May 2016 sales of 11,884 homes. The median price in May 2017 was $246,900 in the Chicago PMSA, an increase of 5.6 percent from $233,900 in May 2016

According to the data, fifty-four (54) Illinois counties reported sales gains for May 2017 over previous-year numbers, including LaSalle County, up 23.8 percent with 125 units sold; Kendall County, up 13.6 percent with 318 units sold; Will County, up 8.8 percent with 1,131 units sold; and Sangamon County, up 3.3 percent with 311 units sold.ย  Fifty-three (53) counties showed year-over-year median price increases including DuPage County, up 8.9 percent to $280,000; Tazewell County, up 8.0 percent to $135,000; and Cook County, up 5.3 percent to $258,000.

The city of Chicago saw a 0.2 percent year-over-year home sales decline in May 2017 with 2,973 sales, down from 2,980 in May 2016. The median price of a home in the city of Chicago in May 2017 was $306,750, up 5.5 percent compared to May 2016 when it was $290,750.

Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTORยฎ local boards and associations including Midwest Real Estate Data LLC data as of June 7, 2017 for the period May 1 through May 31, 2017. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

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