What Sellers Should Know As Chicago Home Prices Climb

Chicago buyers face tighter supply and higher prices than buyers across Illinois. HW Data shows a metro median list price of $399,990 with about 11,000 active listings this week. The Market Action Index reads 40.2, signaling strong seller conditions. New supply totaled 1,183 listings while 1,511 homes moved under contract, keeping inventory from building.

Chicago housing market diverges from Illinois trends

The metro’s median list price sits above the statewide figure, and available homes are concentrated in fewer neighborhoods. With the index near 40, well-prepared listings continue to draw attention while buyers compare a narrower set of options than in the broader state market. The Market Action Index measures the balance between supply and demand. Higher values indicate stronger conditions for sellers.

Relisted homes push up days on market

Homes in Chicago average 101 days on market, but the median is 56 — showing that a pocket of older, unsold properties is pulling the average higher. About 26% of homes were relisted, a sign of sellers refreshing listings to meet current demand. Updating photos, aligning prices with neighborhood ranges, and addressing common inspection items can help reduce time on market.

Price cuts hit one-third of Chicago listings

About 35% of active listings recorded a price reduction during the week. Listing adjustments continue to help sellers reach buyers, especially where similar homes compete

New supply tests higher pricing

The median price of new listings is $324,950, slightly above the metro’s overall median of $319,900. That premium suggests some sellers are testing higher prices before adjusting to meet demand.

Inventory and rental context

Chicago’s active inventory leaves buyers with enough choice to compare neighborhoods and condition without stalling momentum. Median rent holds near $2,300 — comparable to a monthly mortgage payment on a $320,000 home at today’s rates. For first-time buyers, tracking new listings that reset pricing after a few weeks can uncover opportunities with room to negotiate.

Takeaway for housing professionals

Agents can coach sellers on pricing and presentation strategies that keep homes moving. Lenders can highlight payment scenarios for buyers weighing metro versus suburban options. Tracking weekly reductions and under-contract counts will help set neighborhood-level expectations.

See your latest full market data and the Altos Market Action Index powered by HousingWire.