Illinois median home prices moved higher in August while home sales and available inventory were slightly lower than the year before, according to data from Illinois REALTORS®.
In August 2025, statewide home sales (including single-family homes and condominiums) of 12,560 homes sold was 3.5 percent lower than 13,016 sold in August 2024.
The 22,052 homes available for sale statewide in August were 0.7 percent less than the 22,197 homes available in August 2024. The monthly median price of $315,000 in August 2025 was 6.8 percent more than $295,000 in August 2024. The median is a typical market price where half the homes sold for more and half sold for less.
“August numbers highlight the push-and-pull of today’s market. In Chicago, closed sales fell by nearly 10 percent, yet prices rose 5.9 percent to a median of $376,000. Across the metro area, sales dipped 4.3 percent while prices rose 5.6 percent to $375,000. Statewide, closings decreased by 3.5 percent, but Illinois still reported a strong 6.8 percent price gain, reaching $315,000,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago.
“The message is clear: demand remains steady, and tight inventory is fueling price growth. For buyers, it means moving fast and being well-prepared. For sellers, it’s a market that continues to reward realistic pricing and strong presentation.”
In the nine-county Chicago Metro Area, August 2025 home sales (single-family and condominiums) totaled 8,395 homes sold, down 4.3 percent from August 2024 sales of 8,768 homes. In August 2025, there were 14,312 homes for sale in the Chicago Metro Area, a 4.6 percent decrease from 15,006 homes on the market in August 2024. The median price of a home in the Chicago Metro Area of $375,000 in August 2025 was 5.6 percent greater than $355,000 in August 2024.
“IHS’s three-month forecast projects that Illinois home sales will decline by nearly 5 percent between September and November compared to the same period last year. While home prices are expected to follow typical seasonal patterns and dip in early fall, they are projected to remain strong overall ending November nearly 12 percent higher year-over-year,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago.
“In August 2025, single-family inventories marked their 16th consecutive month of year-over-year growth, but Illinois still shows the slowest recovery to pre-pandemic inventory levels in the country,” Smith said. “Continued price increases, even amid broader economic uncertainty, underscore how persistent tight supply is shaping affordability conditions across the state.”
The city of Chicago experienced a 9.5 percent year-over-year sales decline in August 2025 with 1,920 sales, down from 2,122 in August 2024. In August 2025, there were 4,109 homes for sale in the city of Chicago, a 20.3 percent decrease from 5,158 homes on the market in August 2024. The median price of a home in the city of Chicago in August 2025 was $376,000, a 5.9 percent increase from August 2024 when the median price was $355,000.
Sales and price information are generated by Multiple Listing Service closed sales reported by 20 participating Illinois REALTOR® local boards and associations including Midwest Real Estate
Data LLC data as of Sept. 7, 2025, for the period August 1 through August 31, 2025. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Based on the Freddie Mac data, the monthly average commitment rate for a 30-year, fixed-rate mortgage was 6.59 percent in August 2025, down from 6.72 percent from the month before and up from the August 2024 average of 6.5 percent.
