What Buyers and Sellers Need to Know This May

Spring is peak season for real estate, and May 2025 is already proving active across Lake County, Illinois, and Southern Wisconsin. While interest rates continue to sway the market, local inventory remains tight and competition is fierce. Whether you're thinking about listing your home or searching for your next one, this is the time to pay attention. The trends unfolding right now will shape your strategy — and your bottom line.

Here’s what’s happening on the ground, and what it means for you:

Inventory Is Low, and Demand Isn’t Letting Up

In both Lake County and Southern Wisconsin, homes are selling fast — sometimes in a matter of days.

• In Lake County, the average home value is up 6.7% year-over-year, hitting $364,491. Homes are going under contract in 10 days on average (Zillow).

• In Southern Wisconsin, values have climbed 5.7% to $312,361, with homes pending in roughly 28 days (Zillow).

This tight inventory is keeping sellers in control. Well-presented, accurately priced homes are drawing multiple offers — especially in desirable school districts and near transportation corridors. If you're buying, expect to act fast. If you're selling, now’s your moment.

Home Prices Are Up — But Growth Is Calmer

The double-digit price jumps we saw in 2021 are gone, but prices are still rising at a steady pace.

• In Lake County, the median sold home price hit $373,312 in March, a 5.4% increase from last year (Rocket Homes).

• In Wisconsin overall, median prices rose 7.3% year-over-year to $300,500, according to the Wisconsin REALTORS® Association (WRA).

Buyers should expect to pay near asking price in most competitive neighborhoods. Sellers still hold pricing power, but they can’t afford to overreach. Homes that are overpriced are sitting longer — or prompting price cuts.

Mortgage Rates Are Still in Play

Buyers are closely watching mortgage rates this spring. While rates have fluctuated in recent months, they remain higher than the historic lows of the past few years. This has created a strong sense of urgency among buyers who want to secure lower monthly payments.

If you're a buyer:

• Get pre-approved before house hunting.

• Ask your lender about rate buydowns or adjustable-rate options that might save money short-term.

If you're selling:

• Be aware that rate-sensitive buyers are more budget-conscious.

• Partner with agents who know how to market to qualified, ready-to-move clients.

The month of May is a pivotal month in the Lake County and Southern Wisconsin housing markets. Inventory is tight, prices are strong, and motivated buyers are actively searching — even in the face of higher rates. Whether you’re buying or selling, the key is preparation. Know your numbers, move with intention, and lean on local expertise. Spring is moving fast, and those who act decisively will benefit most.

Ready to make your move?

Reach out to Team Pimentel, your trusted local realtors in Lake County and Southern Wisconsin. We know this market inside and out — and we’ll help you buy or sell with confidence.

📞 Call us today or send a message to get started. Let’s make the most of this market — together.