BuyerHomeownerGeneralNew HomeownerSeller

July 30, 2025

The Chicago housing market just reached a major milestone: the median home price in the city hit $400,000 in June 2024, according to the Chicago Association of Realtors® — the highest on record.

This 5.8% year-over-year increase reflects more than seasonal trends — it’s a sign of strong demand meeting stubbornly low inventory. Across the nine-county metro area, the median price climbed to $389,450, up 3.9% from last year and also a new high.

And Chicago isn’t alone: the national median price now stands at $435,300 (up 2%), but what’s truly remarkable is how Chicago is outpacing the nation in price growth.

In fact, among the 20 largest U.S. metros tracked by the S&P CoreLogic Case-Shiller Index, Chicago ranked second in price appreciation in May, behind only New York. What’s more, we’re one of just a few markets where momentum is accelerating — a rare sign of resilience in today’s high-rate environment.

Why Are Prices Rising So Fast?

Two words: low supply.

Even as mortgage rates hover near 7%, buyers are still active — because there simply aren’t enough homes to go around. In Chicago, inventory remains less than half of pre-pandemic levels. That imbalance means multiple offers, fast sales, and rising prices — especially in desirable neighborhoods.

While the pandemic-era boom saw explosive gains in cities like Boise or Miami, Chicago’s appreciation was more modest — which means we now have more room to grow. That delayed surge is happening now.

Sales Are Up — But Still Below Pre-Pandemic Pace

Home sales in the city rose 2.7% year-over-year in June, while the broader metro area saw a healthy 7.2% jump. Still, both numbers sit below the 2015–2019 average — a reminder that affordability and inventory continue to limit activity.

What’s Ahead?

Zillow forecasts a slight 1.5% dip in Chicago-area prices over the next 12 months — in line with national projections. But even with that, affordability remains a growing challenge as prices and rents stay elevated.

So, What Should You Do?

🔹 If you’re a buyer:
Now is the time to get pre-approved, stay flexible, and act quickly when you find the right home. With inventory so tight, patience is key — but so is readiness.

🔹 If you’re a seller:
This is a strong moment to list. With prices at record highs and demand steady, you could unlock serious equity — especially if you’ve owned your home for several years.

🔹 If you’re on the fence:
Let’s talk. Whether you’re waiting for rates to drop or wondering if prices will fall, we can help you navigate the market with confidence — not guesswork.

The Chicago market isn’t just heating up — it’s redefining what’s possible. And no matter where you are in your homeownership journey, we’re here to help you make smart, informed moves.

📩 Have questions about your neighborhood or what your home might be worth today?
Contact us for a free, no-obligation consultation.