As of May 2025, the Chicagoland housing market remains firmly in seller’s territory, with strong year-over-year price growth and tight inventory continuing to define local real estate conditions.
Home Prices Continue to Rise
According to Rocket Homes, the median home sale price in Chicago rose to $374,309 in April—up 7.1% compared to last year. This trend reflects statewide gains, with detached home prices across Illinois climbing 7.6% to a median of $371,250 (Chicagoland Homes Forecast).
Inventory and Market Dynamics
Inventory has increased modestly but remains historically low. Chicago Agent Magazine reports a 33.9% year-over-year rise in available homes, but the current 2.3 months of supply still indicates a competitive market. Homes are selling faster, too—averaging 40 days on market, down from 46 a year ago.
Neighborhood Variations
Market trends vary by neighborhood. On the North Side, inventory dropped 20.2% in April, contributing to a 4.6% decline in sales. However, Lincoln Park saw a 5.4% increase in new listings, offering more opportunities for buyers.
Outlook for Buyers and Sellers
Looking ahead, CCG Chicago forecasts that home price growth will moderate slightly, potentially stabilizing around 2% annually. While sellers can still expect favorable conditions, buyers should be ready to act quickly in competitive areas.
In short, Chicago’s housing market remains strong, with elevated prices and limited supply creating challenges—and opportunities—for both buyers and sellers. Whether you’re entering the market or preparing to sell, understanding these dynamics is key to making informed decisions in 2025.
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