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Featured local agent — Chicago, IL

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Sarah Mitchell

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Compass Real Estate · Chicago, IL

“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”

Chicago, IL(512) 555-0184TX License #0512847

Visit website →sarahmitchellhomes.com

5.0 · 47 reviews

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Chicago, IL Housing Market & Real Estate

Seller's market+6.3% YoY

Housing market overview · Updated monthly · Data refreshed May 2026

$425,000median sale price

How is the Chicago, IL housing market right now?

The median home sale price in Chicago, IL is $425,000, up 6.3% year-over-year. Homes sell in an average of 47 days with 6,879 active listings. The market is currently a seller's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)

Is Chicago a buyer's or seller's market?

Seller's market2.8 months of supply47 avg. days on market

Chicago, IL is currently a seller's market, based on 2.8 months of supply and homes selling in about 47 days. How we determine this →

Homes sold

2,475

Last 12 weeks

Days on market

Average pace

Active listings

6,879

2.8 months supply

Sale-to-list

101.8%

Above asking

What does the Chicago housing market data show?

Current housing market statistics for Chicago, IL
Metric	Value
Median sale price	$425,000
Median list price	$425,000
Year-over-year price change	+6.3%
Average days on market	47 days
Active inventory	6,879 listings
Months of supply	2.8 months
Sale-to-list price ratio	101.8%
Median price per sq ft	$305/sq ft
Homes sold (latest month)	2,475
New listings (latest month)	3,187
Listings with a price cut	12.6%
Market condition	Seller's market

Source: Redfin · Updated monthly

How much do homes cost in Chicago by property type?

How the Chicago, IL market breaks down across single-family homes, condos, and townhouses.

Median price, price per square foot, homes sold and days on market by property type in Chicago, IL
Property type	Median price	Price / sq ft	Homes sold	Days on market
Single-family	$375,000	$245/sq ft	742	51 days
Condo / Co-op	$434,500	$356/sq ft	1,376	43 days
Townhouse	$762,750	$352/sq ft	112	37 days

Source: Redfin · Updated monthly

The Chicago housing market is currently classified as a seller's market with a median sale price of $425,000. Prices have risen 6.3% compared to last year, with homes spending an average of 47 days on market, indicating 2.8 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 4.5x provides context for how home values compare to local earning capacity.

Market trends

Condo

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Active listings

6,879

Homes on market

Median list price

$425K

Avg. days on market

Days until sale

New this week

3,187

Newly listed

Price drops:12.6%of listings

Sale-to-list:101.8%

Who lives in Chicago?

Population

2,707,648

Median income

$75,134/yr

Median age

35.7 years

Owner-occupied

45.5%

College grads

43.3%

Avg commute

33.5 min

Source: U.S. Census Bureau ACS

What are homes worth in Chicago?

Zillow home value

$335,521

Zillow rent index

$2,409/mo

Price-to-rent ratio

11.6x

Price-to-income

4.5x

Source: Zillow Research

What is it like to live in Chicago?

Chicago is a community of approximately 2708K residents with a median age of 35.7 years.The median household income is $75,134, which reflects a relatively affluent area with strong earning potential. 43.3% of residents hold a bachelor's degree or higher, indicating a highly educated population.

Homeownership rates are at 45.5%, showing a blend of owner and renter-occupied properties. The average commute time is 33.5 minutes, which suggests a more suburban or rural location for those willing to commute longer distances.Overall, Chicago offers a balanced lifestyle with accessible home values relative to local income levels.

Which public schools serve Chicago?

50 schools tracked · 75,894 students

The largest public schools serving Chicago, IL by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.

Lane Technical High School

Grades 7-12 · 4,525 students

Public

Taft High School

Grades 7-12 · 4,416 students

Public

Curie Metropolitan High School

Grades 9-12 · 3,136 students

Public

Kenwood Academy High School

Grades 7-12 · 2,337 students

Public

Young Magnet High School

Grades 7-12 · 2,221 students

Public

Lincoln Park High School

Grades 9-12 · 2,125 students

Public

Jones College Prep High School

Grades 9-12 · 1,973 students

Public

Thomas Kelly College Preparatory

Grades 9-12 · 1,862 students

Public

Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.

Which cities are near Chicago, IL?

Want a head-to-head view? Compare Chicago side-by-side with any other U.S. city using our market-comparison tool.

Cicero

Berwyn

Oak Park

Forest Park

North Riverside

Summit

Hometown

Burbank

Is Chicago a good real estate investment market?

For investors evaluating Chicago, the price-to-rent ratio of 11.6x suggests potential rental yield opportunity, making the market attractive for income-focused investors. The market has appreciated 6.3% year-over-year, reflecting ongoing demand and value growth.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Chicago's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Chicago's median home price.

Frequently asked questions

What is the average home price in Chicago?

The median home sale price in Chicago is $425,000, up 6.3% from last year.

How long do homes stay on market in Chicago?

Homes typically spend 47 days on market before going under contract.

What is the median income in Chicago?

The median household income is $75,134 per year.

Is Chicago a buyer's or seller's market?

With 2.8 months of supply, Chicago is currently a seller's market.

How many homes are for sale in Chicago?

There are currently 6879 homes listed for sale in Chicago, IL.

What is the Zillow home value estimate for Chicago?

The Zillow Home Value Index (ZHVI) for Chicago is $335,521, representing the typical home value in the area.

What is the median condo price in Chicago?

The median condo/co-op sale price in Chicago, IL is $434,500, compared to $375,000 for a single-family home, based on the latest Redfin data.

How much does a single-family home cost in Chicago?

The median single-family home price in Chicago, IL is $375,000 (about $245 per square foot).

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