In May 2026, statewide home sales (including single-family homes and condominiums) of 12,555 homes sold was 1.5 percent less than 12,750 sold in May 2025. NOTE: One Illinois MLS continues to work through a data feed transition, which may contribute to a minor variance in statewide year-over-year figures.
The 19,719 homes available for sale statewide in May were 7.7 percent less than the 21,356 homes available in May 2025. The monthly median price of $335,000 in May 2026 was 6.3 percent more than $315,000 in May 2025. The median is a typical market price where half the homes sold for more and half sold for less.
“May brought continued price growth across Illinois, as limited housing supply helped keep the market competitive,” said Jeff Kolbus, president of Illinois REALTORS®, president and owner of RE/MAX Traders Unlimited in Peoria. “Although closed sales were slightly below last year’s pace, buyer activity remained present as the spring season progressed.”
In the nine-county Chicago Metro Area, May 2026 home sales (single-family and condominiums) totaled 8,682 homes sold, down 1.0 percent from May 2025 sales of 8,770 homes. In May 2026, there were 12,408 homes for sale in the Chicago Metro Area, a 14.6 percent decrease from 14,521 homes on the market in May 2025. The median price of a home in the Chicago Metro Area of $399,990 in May 2026 was 5.5 percent greater than $379,000 in May 2025.
“The Institute for Housing Studies’(IHS) three-month forecast projects that closed sales activity in Illinois during June, July, and August will remain relatively unchanged compared to the previous year. At the same time, home prices in August are expected to be approximately 6 percent higher than a year earlier,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago.
“Limited inventory, elevated mortgage rates, and affordability challenges are making it difficult for many buyers to enter the market, creating conditions where prices continue to increase even as overall sales activity remains subdued.”
The city of Chicago experienced a 1.5 percent year-over-year decrease in sales in May 2026 with 2,283 sales, down from 2,317 in May 2025. In May 2026, there were 3,337 homes for sale in the city of Chicago, a 30.0 percent decrease from 4,766 homes on the market in May 2025. The median price of a home in the city of Chicago in May 2026 was $420,000, a 7.7 percent increase from May 2025 when the median price was $390,000.
“May’s market data continues to show strong buyer demand in the face of limited housing inventory,” said Lutalo McGee, president of the Chicago Association of REALTORS® and owner and designated managing broker of Ani Real Estate. “With fewer homes available for sale and properties continuing to move quickly, buyers and sellers should connect with a REALTOR® now to understand their options and make a plan that fits today’s market.”
Sales and price information are generated by Multiple Listing Service closed sales reported by 18 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of June 7, 2026, for the period May 1 through May 31, 2026. 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 6.4 percent in May 2026, up from 6.3 percent from the month before and down from the May 2025 average of 6.8 percent.
Find Illinois housing stats, data and the latest forecast from the Institute for Housing Studies at DePaul University at www.illinoisrealtors.org/marketstats/.
