Median sales prices increased 5% and home sales increased 9% for the seven-county metro Chicago housing. RE/MAX Northern Illinois shared the gains that the company made in May following what was also a strong April for the market.
Thanks in part to a limited inventory of homes listed, the average times that homes sold in for May was 87 days, down from 99 days in April. RE/MAX Executive Vice President and Regional Director spoke on his optimism for expanding inventory on the market and it's overall performance so far in 2016:
"Chicago-area home sales activity so far in 2016 is at its highest level since the pre-recession year of 2006. Prices are rising but haven't fully recovered area wide. The median sales price in May this year was below the May 2008 median of $255,000, but well above the $201,000 recorded in May 2009," he said.