Sellers market continues in Chicago area
DOWNERS GROVE - Chicagoland's real estate sales remain strong this year, with overall sales of detached single-family homes up 4 percent in May 2017 over the same time in 2016. Statistics released Tuesday by the Mainstreet Organization of Realtors show that the median sale price of detached single-family homes is also up, nearly 9 percent over May of last year.
This rise in median sales price marks a continued trend: the median sales price of a detached single-family home in April was 8.2 percent above the price in April 2016.
"The high demand and low inventory make it a great time to put a property on the market," said Karen Irace, president-elect of the MORe board of directors. "For anyone considering selling their home, it would be wise to put it on the market sooner rather than later, since there's typically a slowdown in the market as we move into the fall and families begin settling in for the school year."
Communities that saw a notable increase in the number of detached single-family homes sold in May 2017 over May 2016 include: Burbank (50 percent increase in houses sold); Franklin Park (55.6 percent); La Grange (41.7 percent); Matteson (37.5 percent); Monee (41.7 percent); Oak Forest (52 percent); Streamwood (67.7 percent); Sycamore (57.7 percent); Vernon Hills (63.2 percent) and Wheeling (91.7 percent).
Sales of attached single-family homes were also strong in May, showing a 7.4 percent increase in the number of units sold throughout Chicagoland over May of last year.
Median sales price on these properties rose 5.3 percent year over year.
"Many sellers are finding themselves with multiple offers to consider, " Irace said.