Summer Slowdown Likely to Lead to More Fall Sales

Chicagoland Home Prices Rise 7% as Housing Market Remains Steady

By Amy Robey • August 19, 2026

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 .

Chicagoland Suburbs Moving at Different Speeds This Spring

By Amy Robey • May 20, 2026

Chicagoland's suburban housing market showed continued resilience in April, even as sales stagnated compared to a year ago.

Is It Time to Downsize? How to Know and What to Do Next

By Amy Robey • May 11, 2026

Let's review the signs that it might be time to downsize as well as the signs that it's not. If you determine now is the time, we'll also share some considerations as well as some steps you can take

Chicagoland Housing Market Hits its Spring Sprint

By Amy Robey • April 22, 2026

Spring arrived in Chicagoland suburbs and so did homebuyers. The sales of detached, single-family homes were up 7.5% year over year in March, with 2,134 homes sold compared to 1,985 a year ago. Homes spent an average of 53 days on market, down slightly from 54 days last year. Median prices were up nearly 5%, from $385,000 in March 2025 to $403,250 last month. Months' supply for housing inventory was just 1.5 months across the entire Chicagoland PMSA, well below the five to six months that signals a balanced market. To put that in perspective, Bloomingdale currently has just 8 homes for sale, while a comparable community in Florida has roughly 2,000. "Inventory is still severely constrained and so we are seeing extreme competition for quality listings," said Kinga Korpacz, President of Mainstreet REALTORS®. "Buyers are waiving attorney review and inspections and coming in with significant earnest money." Buyers may find more options in Kane County, where new listings were up 14.5% last month, compared to the same time last year. Even in the attached home segment, where 1,086 homes sold compared to 1,094 a year ago and market time increased from 42 to 54 days, median prices climbed 5.6%, from $270,000 to $285,000. "Even though prices are on an upward path in the Chicagoland suburbs, the market feels predictable," said John Gormley, CEO of Mainstreet REALTORS®. "When things are moving this fast, local expertise from a Mainstreet REALTOR® isn't optional, it's essential. They're going to know the community inside and out, meaning where you have to move quickly and where you may have a day or two to make a decision." Aurora led the region in detached home sales during March with 100 homes sold, followed by Naperville and Arlington Heights. While detached homes across the region sold in an average of 53 days in March, several suburban communities saw average market time fall compared to a year ago: Arlington Heights (70 days to 25 days) Downers Grove (59 to 36) Geneva (35 to 25) Lombard (48 to 25) Streamwood (49 to 30) Tinley Park (107 to 37) Wheaton (24 to 10) Feeling squeezed out of the market? Look for pockets where you might have a little more room like Kane County. And if you're open to it, attached homes, which are condos and townhomes, are moving a bit slower right now, which could mean more time to make a decision and more options at a competitive price point.

Suburban Chicago Home Sales Decline in February as Inventory Shortage Persists

By Wesley Rusick • March 24, 2026

Suburban Chicago home sales slowed in February as inventory shortages continued to define the market. Sales of detached homes were down nearly 10% compared to the same month last year. A total of 1,445 homes sold last month, down from 1,596 in February.

Mainstreet REALTORS® Local Market Pulse

By Lindsay Mullen • March 11, 2026

We asked Mainstreet REALTORS® for their honest answers to consumers’ most pressing questions about residential real estate today. Here’s what they shared.

Farm Fresh Destinations: A Guide to Farmers Markets in Chicagoland

By Wesley Rusick • March 10, 2026

The Best Local Produce, Art and Welcoming Vibes in Town

Mainstreet 2026 Economic Forecast: Not Too Hot, Not Too Cold

By Amy Robey • February 5, 2026

“Not too hot, not too cold, just right,” is how Thomas Walstrum, an economist at the Federal Reserve Bank of Chicago, described the S&P Global GDP forecast. Walstrum spoke at a local event hosted by Mainstreet REALTORS® on January 14. He shared that, despite headlines, the economy in 2025 was actually boring — in a good way — and that he expects 2026 to be a decent year for the economy. According to forecasts presented at the event, real GDP growth is expected to be about 2.2%, close to what economists consider normal long-term growth. “The economy is kind of settled in very close to its long-run growth rates,” Walstrum noted. This is good for Chicagoland, which he pointed out has a tightly linked economy with the overall U.S. In other words, when the U.S. economy is healthy so is the Chicago economy. Walstrum shared that analysts see the Fed lowering interest rates in 2026 to a point where they are neither stimulating nor slowing the economy, meaning rates are expected to level out rather than rise sharply. At the same time, the U.S. has a faster growth pace than the Chicago metro area, which includes the city and surrounding suburbs. Walstrum suspects there are two main reasons for this: “The two big ones are our industry mix and our climate.” The weather, particularly during the pandemic, pulled people south and west, a trend some local REALTORS® are now seeing reverse. “More people are moving back to Chicagoland after long periods of time away. This seems to be driven largely by high homeowners insurance costs in other states,” said Jason Hinsley, Designated Managing Broker, RE/MAX Metropolitan. When it comes to employment growth over the next four qu arters, Chicagoland is expected to continue growing, though at a slower, more sustainable pace. “I’ve been talking about Chicago being slow growth but Chicago is actually a very strong economy in terms of both size and earnings,” Walstrum noted. “Unemployment has been coming up but not in a recessionary way. It’s just slightly cool, and still a very healthy labor market,” he added. Against the broader economic backdrop, local REALTORS® also shared their reflections on 2025 and predictions for 2026. “As I reflect on 2025, what stood out was that the market was still fast-paced and sellers continued to have the advantage, even though buyers were more cautious than in past years,” said Michelle Mauntel-MacDonald, REALTOR®, Keller Williams Premiere Properties. “If rates happen to dip, I believe the market may pick up quickly and prices will rise again. I also understand that the decisions the government makes affect the market. It will be interesting to see what the next year brings,” noted Stacy Beeson, REALTOR®, Coldwell Banker Real Estate Group, Shorewood. Income per capita in both the U.S. and the Chicago metro area is expected to grow by 3.2%. “Chicago is a very productive place, with lots of people earning lots of money. And S&P doesn’t see that advantage for Chicago going away,” Walstrum said. Before the housing bubble, the Chicago metro area’s home prices were above median home prices in the U.S. “And then it started to lag… home prices in other big cities in the country have grown a lot faster than Chicago’s home prices over the last 15 years. And what that means, according to this data, is that Chicago is actually now one of the most affordable large cities in the country,” Walstrum explained. This relative affordability gives buyers more room to be selective and helps sellers attract serious, qualified buyers. “One of the big advantages, at least from an economist’s perspective, of being a slower-growth place is that slower-growth places tend to have slower growth in the cost of living,” he concluded. When viewed alongside housing data, Chicagoland stands out as a compelling place to purchase a home and live. Taken together, the economic outlook and local market insights point to a year defined more by stability than surprises. With the broader economy growing at a steady pace, interest rates expected to level out rather than spike and Chicagoland maintaining its relative affordability compared to other major metro areas, buyers and sellers alike have room to make thoughtful, informed decisions. While the market remains competitive, especially for well-priced homes, today’s conditions offer more balance than in recent years, giving buyers time to be selective and sellers confidence that serious demand is still there as 2026 approaches.

Summer Slowdown Likely to Lead to More Fall Sales

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