Homes Are Selling in 29 Days and the Midwest Is Leading the Country
The National Association of Realtors just shared its May numbers. The story is clear. The housing market is picking up speed, and the Midwest is leading the way.
Home Sales Jumped in May
Existing home sales rose 3.2 percent from April to May. They were also up 3.2 percent from a year ago. That is the highest level of home sales since December, according to the National Association of Realtors.
Buyers had a slow start to the year. Now they are back. When sales climb like this, it means demand is real and people are ready to move.
The Midwest Led the Whole Country
Here is the part that hits close to home. Out of the four big regions in the country, the Midwest had the largest jump in home sales in May.
We are right in the middle of that. Naperville, Aurora, Oswego, and Plainfield sit in the region that is beating the rest of the nation. If you wanted a sign that buyers are active near you, this is it.
Homes Are Selling Faster
More homes are selling, and they are selling faster. The typical home spent 29 days on the market in May. That is down from 32 days in April.
That drop may look small. It adds up. Faster sales mean less time living in a home that has to stay show ready.
Buyers Are Competing for the Right Homes
When homes sell this fast, buyers have to act. Sometimes they have to compete. About a quarter of homes sold above asking price in May, and the average home got 2.3 offers.
That is what a healthy seller's market looks like. We regularly help families sell one home and buy the next at the same time, sometimes closing both in about 30 days. That takes a plan set up right from the start, but in a market like this, it is very doable.
What This Looks Like in Our Towns
National numbers are nice. Local numbers matter more to you. Here is what the latest data shows close to home.
Prices are holding steady to higher. Over the past year, the typical single family home sold for about $585,000 in Naperville, $419,990 in Oswego, $409,000 in Plainfield, and $336,000 in Aurora. Naperville and Aurora are up from a year ago. Plainfield and Oswego are about flat.
More money is changing hands too. The total value of homes sold went up in all four towns. Oswego jumped about 27 percent and Plainfield about 15 percent from last year.
One shift sellers should know. There are more homes for sale now than a year ago. It is still a seller's market, just not as tight as last spring. That is exactly why pricing your home right matters so much. You can search homes on Zenlist to see what is for sale in your town right now.
Frequently Asked Questions
Why are homes selling so fast in the Midwest right now?
The Midwest has some of the most affordable homes in the country, and demand is strong. Add low supply in many towns, and buyers move fast when a good home shows up. That pushed the Midwest to the top of all four regions in May.
What does it mean when a home sells above asking price?
It means more than one buyer wanted the home, so they competed on price. When about a quarter of homes in the country sell above asking, it tells you the market favors sellers right now.
Is it still a seller's market near me in the western suburbs?
Yes. There are more homes for sale than a year ago, but supply is still low and good homes still sell fast. That keeps buyers competing for the best ones.
Is the housing market slowing down?
No. The May data shows the opposite. Sales rose, homes sold faster, and buyers competed. The market is active, and the Midwest is leading it.
Want to know what your home could do in this market? Get your home value estimate or book a consultation with us. We will give you the real numbers and a real plan, no pressure.
Ready to make your next move in the western suburbs of Chicago?
We are here to help you every step of the way, whether you are buying, selling, or just exploring your options.
Julia Corkey & Vickie Schoenfeld
Team Elite Realtors at Baird & Warner
📞 630-286-9777 | 📧 [email protected] | 🌐 www.homesbyteamelite.com
Book a Consultation | Get Your Home Value | Search Homes on Zenlist
Follow us: Facebook | Instagram | YouTube
Licensed REALTORS® proudly serving Naperville, Aurora, Oswego, Plainfield and the Western Chicago Suburbs
