Homebuyer FAQs

The median sale price for detached homes rose 7% in the Chicagoland suburbs last month as compared to the same timeframe in 2025. At the same time, the number of homes sold and under contract held relatively steady, indicating price pressure is not slowing the market down as some expected. “Buyers have come around to the fact that prices and interest rates are not going to come down any time soon,” said Kinga Korpacz, President of Mainstreet REALTORS®. “In July, we saw that they’re still willing to get in the game, despite the fact that buying a home continues to get more expensive.” The median sale price for a detached home in Chicagoland was $420,000 in July 2025. In July 2026, it reached $450,000. These local trends are consistent with national data from the National Association of REALTORS®, which show year-over-year increases in housing prices across the country. However, today’s market isn’t all bad news for buyers. “We are seeing smart buyers with REALTORS® by their side finding ways to get an advantage in this market,” explained Korpacz. “When a buyer works with a REALTOR® who can help them understand hyperlocal market data, they can come in and make a very strategic offer. This is the case even for a home they feel they might be priced out of affording and they can still win at a price they feel good about.” Even as prices continue to rise, buyers are making fewer concessions, as well. “Gone are the days of having to waive an inspection just to compete,” Korpacz said. In recent months, pricing has not been the only thing holding buyers back. The start of the year was marked by extremely low housing supply in Chicagoland. In January and February, data from MRED showed just 1.7 months worth of housing supply in the Chicagoland PMSA, meaning it would take just 1.7 months to sell through all available home listings. However, that number began to climb back up in May and in July 2026 reached 2 months of housing supply. “If you’ve been sitting out of the housing market due to low supply or rising prices, now is the time to jump back in,” said John Gormley, CEO of Mainstreet REALTORS®. "Price increases seem to be here to stay so buying a home will likely get more expensive if you wait, not less. And now, we’re seeing that buyers are also finding more houses that meet their requirements which gives them more power, especially if they have a Mainstreet REALTOR® by their side.” While most suburban Chicagoland communities saw prices increase in July 2026, some actually saw prices fall, making these areas good targets for buyers who are concerned about affordability. Notable year-over-year median sale price decreases for detached homes included: Justice (median sale price decreased -30.0%) Winthrop Harbor (-19.7%) Oak Brook (-19.2%) Elmhurst (-16.8%) Richton Park (-16.5%) Burr Ridge (-16.4%) Palos Park (-15.5%) Markham (-14.1%) Hickory Hills (-13.2%) Bridgeview (-13.0%). If you’re buying or selling in this market, make sure to ask your Mainstreet REALTOR® to help you interpret the local data in your ideal community so you can use it to your advantage. To find a Mainstreet REALTOR® you can trust visit https://www.chicagolandhomes.com/realtor/agents .