SHILOH – As temperatures continue to rise, so do home sales in the Metro East.
The number of homes sold in May in St. Clair County rose 21.5 percent since last month.
Randolph County home sales also rose over 63 percent and Clinton County saw a 3.7 percent rise since April as well, according to figures just released.
Looking at year-over-year, home sales have increased 40 percent compared to May of 2016 while Randolph County saw a 5.9 percent ride in home sales since May of last year. Days on the market decreased 70 percent in St. Clair County and 38 percent in Randolph County compared to May of 2016.
“It’s a busy time for Realtors and the numbers are proving it,” said Mike Gross, president of the Realtor Association of Southwestern Illinois. “Homes are selling at a faster rate. We are excited about the unique opportunities this market presents for buyers and sellers in the Metro East. Stable home prices coupled with low mortgage interest rates are huge benefits to the housing industry.”
Median home prices have increased in both Monroe and Randolph counties since May of last year. The median home price in Randolph County rose 16 percent over May of 2016 and Monroe County saw an increase of 1 percent under the same comparison. In the Midwest as a whole, the median price in the Midwest was $203,900, up 7.3 percent from a year ago, according to NAR chief economist, Lawrence Yun.
The Illinois Business Journal welcome news of businesses in and around Southwestern Illinois. Send it to Editor Dennis Grubaugh, email@example.com