May was a very good month for sellers in the Chicagoland area
Home sales in the Chicagoland area were up 7 percent in May, while median sales price rose 7.2 percent, according to the latest analysis from the Illinois Association of Realtors.
Jim Kinney, the president of IAR and vice president for luxury sales at Baird & Warner in Chicago, said the current housing market is undeniably one for sellers.
“We’re seeing a market that is definitely working in favor of sellers,” Kinney said. “Not only is the time it takes to sell a home down from a year ago, but we are also seeing continued upward movement in the median price for a home.”
In Chicagoland’s housing market, time on market fell from 59 days to 57, year-over-year.
Chicago’s Suburban and City Housing Markets Strong
Both the city and suburban housing markets in Chicagoland were strong in May:
- Home sales in the city of Chicago rose 10.1 percent from last year, while the median price rose 6.8 percent to $287,500.
- Meanwhile, in suburban Chicago, sales were up 9.2 percent, and the median price for detached homes rose 4.4 percent.
- Also, according to analysis from the Mainstreet Organization of Realtors (MORe), pending home sales in Chicago’s suburban markets rose 23.5 percent year-over-year, indicating further sales growth in the coming months.
Pradeep Shukla, the president of MORe and managing broker of RE/MAX Renaissance in Des Plaines, said that some suburban markets are performing especially well.
“The market is very strong across our region, but in west suburban areas like Naperville and Aurora, things are particularly hot,” Shukla said. “Overall, sales volume so far this year is up 14 percent over 2014. The total value of detached homes sold in the first five months of the year topped $867 million.”
According to MORe’s research, sales in North Aurora were up 100 percent year-over-year.