Chicago’s real estate market continues to make headlines—home prices in the city jumped 13% in July, reaching a median of $425,000. Even the suburbs saw a strong rise, with prices increasing nearly 7% to $401,000. What’s fueling this momentum? Inventory remains tight, with 56% fewer homes available compared to 2019, making for a fast-paced and highly competitive environment. After more than two decades working with both REO and traditional residential properties here, I’ve seen firsthand how limited options can quickly drive up prices and speed up sales. For buyers and sellers alike, understanding these shifts is key to making smart, confident moves in Chicago’s ever-evolving market.
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