Year-over-year home sales increased in Illinois during May, according to data from Illinois REALTORS®.

In May 2024, statewide home sales (including single-family homes and condominiums) of 13,068 homes sold was 0.2 percent higher than 13,041 sold in May 2023.

The 18,295 homes available for sale statewide in May was 2.1 percent more than the 17,925 available homes in May 2023.

The monthly median price of $300,000 in May 2024 was 9.1 percent higher than it was in May 2023 at $275,000. The median is a typical market price where half the homes sold for more and half sold for less.

“The slightly positive increase in year-over-year sales and inventory indicates that we are moving out of the woods, but we still need our elected officials to work with us to create more available housing at all levels,” says Matt Silver, Illinois REALTORS® 2024 President and partner and senior broker for Corcoran Urban Real Estate in Chicago. “The health of our housing market is important to not only the local and state economies but also to helping stabilize our families and communities. We’re committed to doing that and hope that others will assist us.”

In the nine-county Chicago Metro Area, May 2024 home sales (single-family and condominiums) totaled 8,976 homes sold, down 1.3 percent from May 2023 sales of 9,098 homes. In May 2024, there were 12,516 homes for sale in the Chicago Metro Area, a 2.1 percent increase from 12,259 homes on the market in May 2023. The median price of a home in the Chicago Metro Area in May 2024 was $360,000, up 9.1 percent from $330,000 in May 2023.

“Prices and the number of sales continued to increase during May,” said Dr. Daniel McMillen, Professor of Real Estate and Associate Dean for Faculty Affairs at the University of Illinois-Chicago College of Business Administration. “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. Surveys provide a mixed picture of the state of consumer confidence in the economy, despite low unemployment rates and significant declines in the rate of inflation.”

The city of Chicago saw a 2.4 percent year-over-year home sales decrease in May 2024 with 2,404 sales, down from 2,462 in May 2023. In May 2024, there were only 4,808 homes for sale in the city of Chicago, a 5.2 percent decrease from 5,073 homes on the market in May 2023. The median price of a home in the city of Chicago in May 2024 was $362,000, up 8.1 percent from May 2023 when it was $335,000.

“In May, we saw closed sales and days on market decrease while median sales price increased,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “Sellers should work with their REALTORS® to be prepared for a quick sale and buyers should get the ball rolling sooner rather than later as sales prices drift upwards. If you haven’t already, now is the time to talk to a REALTOR® to start exploring your options.”

Sales and price information are generated by Multiple Listing Service closed sales reported by 22 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of June 7, 2024, for the period May 1 through May 31, 2024. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Based on the Freddie Mac data, the monthly average commitment rate for a 30-year, fixed-rate mortgage was 7.06 percent in May 2024, up from the previous month of 6.99 percent. The May 2023 average was 6.43 percent.

Find Illinois housing stats, data and the June 2024 forecast from the Stuart Handler Department of Real Estate at the University of Illinois at Chicago College of Business Administration at http://www.illinoisrealtors.org/marketstats/.

Illinois REALTORS® is a voluntary trade association whose more than 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.