May 2025 Real Estate Market Recap: National Trends and Kankakee County Insights
As May 2025 concludes, the U.S. housing market is experiencing notable shifts. Nationally, elevated mortgage rates and increasing inventory are influencing buyer and seller behaviors. Locally, Kankakee County reflects some of these trends while showcasing unique market dynamics.
National Market Overview
- Home Prices: The national median home price reached $414,000 in April, marking a 1.8% year-over-year increase. This growth rate is the slowest in nearly two years, indicating a cooling trend in the market.
- Mortgage Rates: The average 30-year fixed mortgage rate hovered around 6.89% in May, maintaining affordability challenges for potential buyers.
- Inventory Levels: For the first time since 2013, sellers are outnumbering buyers, with nearly 500,000 more homes listed than there are buyers.
Kankakee County Market Snapshot
Home Prices
- Median Sale Price: In April 2025, Kankakee County’s median home sale price was $210,000, reflecting a 4.2% increase from the previous year.
- Price per Square Foot: The median price per square foot stood at $141, indicating steady appreciation in property values.
Inventory and Sales Activity
- Active Listings: There were 373 homes for sale in April, a 7.2% increase compared to March, suggesting a growing inventory.
- Homes Sold: A total of 84 homes were sold in April, up from 78 in the same month last year, marking a 7.7% year-over-year increase.
Market Dynamics
- Days on Market: The median number of days homes spent on the market was 41 in April, indicating a relatively brisk sales pace.
- Sale-to-List Price Ratio: Homes in Kankakee County sold for 98.2% of their listing price on average, demonstrating strong buyer demand.
Local Market Highlights
- Kankakee City: The median home value in Kankakee was $149,382, up 8.2% over the past year, with homes going to pending status in approximately 14 days.
- Bourbonnais: The median sold price in Bourbonnais was $290,000 in April, a 1.8% increase from the previous year, with homes selling faster than in 2024.
Market Outlook
Kankakee County’s real estate market remains robust, characterized by moderate price growth and increasing inventory. While national trends suggest a cooling market, local dynamics indicate sustained demand and healthy market activity.
Buyers may find more options with the growing inventory, while sellers can still capitalize on favorable sale-to-list price ratios. Staying informed and adaptable will be key for all market participants in the coming months.
For personalized insights or assistance navigating the Kankakee County real estate market, feel free to reach out. Staying ahead in this evolving landscape requires timely information and strategic planning.
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