Is it a Buyer’s or Seller’s Market in Chicago?
By Andy Hasdal
The Chicago housing market continues to shift in 2025, shaped by economic pressures, seasonal shifts, and changes in inventory. If you're wondering whether it's a better time to buy or sell in Chicago, this report breaks down current trends and what they mean for you.
Housing Market Overview – May 2025
Chicago’s market is moderately competitive but leaning slightly in favor of buyers. Median home prices remain stable, but the pace of appreciation has cooled. Buyers are gaining negotiating power, especially as more listings become available. However, in the most competitive neighborhoods like Lincoln Park and Lakeview, it is still a seller’s market as inventory remains low.
Current Home Prices in Chicago
Median Home Price: $359,948 (up 6.6% YoY)
Price Per Square Foot: $248
Prices are holding steady across many neighborhoods, reflecting affordability relative to coastal cities. Still, inflation and higher interest rates are dampening rapid price growth.
How Chicago Compares to Other Major Cities
Unlike markets like San Francisco or New York, Chicago remains more balanced. It offers urban amenities with more approachable prices, attracting both first-time buyers and those looking to upsize without leaving the city.
Housing Inventory Trends
Homes for Sale: Approximately 8,210 (a 6.5% monthly increase)
Homes Sold Last Month: About 2,218 (12% fewer than a year ago)
Inventory is growing, giving buyers more choices, while sellers need to focus on competitive pricing and strong marketing.
Market by Home Size
Two- and three-bedroom condos continue to dominate in neighborhoods like Lakeview, North Center, and Old Irving Park. Larger homes in areas like Logan Square and West Town still draw strong buyer interest.
List Price vs. Sale Price
Most homes are selling close to list price. However, homes priced too high or lacking updates often see reductions—particularly between August and October when sellers are more motivated.
Average Days on Market
Overall Average: 36 days
Desirable Listings: Often under contract within 15 days
Well-presented homes in popular neighborhoods continue to move quickly, though buyers now have more time and flexibility than during the peak pandemic years.
Trends in Nearby Markets
Suburban cities like Naperville, Evanston, and Oak Park show similar slowdowns in sales and modest increases in inventory. These areas offer solid alternatives for those seeking more space while staying connected to Chicago.
Are Chicago Home Prices Falling?
Not dramatically. While year-over-year prices have risen slightly, growth has slowed. The current plateau reflects buyer caution amid higher mortgage rates and inflation concerns.
Is Chicago Real Estate Overvalued?
No—compared to coastal metros, Chicago remains affordable. However, economic pressures such as construction tariffs and borrowing costs have made some buyers pause.
FAQs: Is It a Buyer’s or Seller’s Market in Chicago?
Is it a buyer’s market right now?
Yes, Chicago is leaning in favor of buyers in several areas, especially as inventory rises and bidding wars decline. However, the Chicago market is very neighborhood focused with some areas, especially on the northwest side, are seller’s markets.
When is the best time to buy a home in Chicago?
August through October offers the most favorable conditions. Inventory is still strong, and sellers tend to be more flexible as the year winds down.
Should I wait to buy or sell?
That depends on your needs. Buyers may benefit from waiting until fall. Sellers can still succeed with the right strategy—pricing competitively and presenting their home well.
What makes Chicago’s market unique?
It’s one of the few large U.S. cities where you can find both affordability and strong amenities. The current market offers balance rather than volatility.
FAQs About Andy Hasdal, Liz Jones, and Reveau Residential
Who are you?
We’re Andy Hasdal and Liz Jones, co-founders of Reveau Residential. We lead a client-first real estate team helping buyers and sellers navigate the Chicago market with confidence and clarity.
What areas do you serve?
We specialize in Chicago’s North and Northwest sides, including Lincoln Park, Lakeview, North Center, Avondale, Logan Square, River North, Old Town, West Loop, Irving Park, Portage Park—and nearby suburbs like Oak Park and Evanston.
How can I work with you?
Whether you're buying your first condo or selling your long-time family home, we’ll guide you every step of the way. Reach out today for a personalized consultation.
All data sourced from Rocket Homes, Illinois Realtors, and Chicago Luxury Realty. Information is deemed reliable but subject to change.
