Statewide home sales increased slightly during May, according to data from Illinois REALTORS®, but the increase in inventory was much starker.

In May, 13,068 homes sold: a 0.2% bump from last year. At the same time, the number of homes on the market rose 2.1% year over year, hitting 18,295 available homes. During that period, the state’s monthly median price was $300,000, 9.1% higher than in May 2023.

In the Chicago metro area, inventory also increased 2.1% and the median price also increased 9.1%, reaching 12,516 homes and $330,00, respectively. However, home sales there were down, slipping 1.3% year over year with 8,976 homes sold during May.

Meanwhile, in the city proper, home sales decreased too, falling 2.4% year over year with 2,404 sales in May. Unlike in the state and metro area, though, inventory decreased as well with just 4,808 homes on the market: a 5.2% drop last year. The median price also rose a bit less in Chicago, up 8.1%, hitting $362,000.

Reflecting on the statewide data in a press release, Illinois REALTORS® President Matt Silver said the “slightly positive increase” in sales and inventory indicate that “we are moving out of the woods.” But, Silver said, “We still need our elected officials to work with us to create more available housing at all levels.”

Looking ahead, Dr. Daniel McMillen, a professor of real estate at the University of Illinois-Chicago College of Business Administration, offered a prediction. “Our forecasts indicate that prices will begin their typical seasonal decline over the next three months. The number of sales is forecast to decline also,” he said.