The Chicago summer housing market is in full swing; listings are selling quickly and there remains fairly low inventory for any buyers searching for a new home. The statewide median price in May was $215,000, up 3.4% from 12 months ago. Median prices showed a healthy, sustainable uptick in May, while the time it took to sell a home in averaged 49 days, down from 52 days a year ago. Available housing inventory totaled 55,126 homes for sale, a 7.6% decline from 12 months ago. According to MLS data, all thirty-four IL counties reported sales gains for the last 12 months. In the Chicago area, Will County prices were up 7.0% to $233,000, but Cook County was mostly stagnant, with only a 0.8% increase to $260,000.
We believe buyers are feeling the pressure to move quickly, with shorter market times and fewer homes to choose from. For sellers, with prices holding steady, they might not feel the urgency to list, but with interest rates creeping up there is some potential limit to price appreciation in the near future, especially with investors who are seeing margins dropped with each fed hike. Rising rates remain the biggest risk to slowing the current Chicago market. As always, if you are considering buying or selling drop us a line! We’d love to help. 🙂