Chicago’s real estate market continues to hold strong: in Mid-Q3, the city’s median list price hit $395K, reflecting a seller-friendly environment. With just 15,100 active listings and inventory down about 6% from last year, buyers are seeing limited options—homes are spending a median of 36 days on the market. Across Illinois, it’s clear that supply scarcity is the defining theme. Even now, statewide inventory hasn’t bounced back to pre-pandemic comfort levels, putting us among the slowest markets nationally to recover supply. New housing construction per capita remains low, a reality that both investors and those relocating need to factor in as they consider their next move. Mortgage rates hovering near 7% continue to challenge affordability, but the persistent shortage of listings keeps competition steady for buyers, sellers, and investors well into 2026. After more than two decades in Chicago’s residential market—navigating everything from REOs to traditional sales—I’ve seen firsthand how these dynamics shape opportunities and strategies for everyone involved.
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