Year-over-year closed home sales decreased in Illinois during March, median prices rose and slightly more homes were available for sale, according to data from Illinois REALTORS®.

In March 2025, statewide home sales (including single-family homes and condominiums) of 9,669 homes sold was 4.3 percent less than 10,100 sold in March 2024. The 16,556 homes available for sale statewide in March was 1.7 percent more than the 16,279 homes available in March 2024, though the state’s inventory has trended at historically low levels during the last 15 months. The monthly median price of $295,000 in March 2025 was 5.0 percent more than $281,000 in March 2024. The median is a typical market price where half the homes sold for more and half sold for less.

“Illinois’ housing market is proving its staying power this spring,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. “Statewide median home prices climbed 5 percent in March, with the Chicago market once again setting the pace – posting a 6.1 percent monthly increase in median price and a 5 percent boost in year-to-date sales. Even with inventory constraints and affordability headwinds, serious buyers are stepping in decisively when properties are priced and positioned well. This market isn’t slowing; it’s evolving. And those who adapt are winning.”

In the nine-county Chicago Metro Area, March 2025 home sales (single-family and condominiums) totaled 6,568 homes sold, falling 4.0 percent from March 2024 sales of 6,839 homes. In March 2025, there were 10,772 homes for sale in the Chicago Metro Area, a 0.6 percent increase from 10,711 homes on the market in March 2024. The median price of a home in the Chicago Metro Area of $360,000 in March 2025 was 6.1 percent greater than $339,250 in March 2024.

“Our three-month forecast expects statewide closed sales activity between April and June to be roughly 1 percent higher than during the same period last year,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. “Home prices are expected to rise in the coming months following typical seasonal trends but, despite these increases, are projected to be about 6 percent lower in June 2025 compared to a year earlier. General consumer and homebuyer sentiment declined in March, driven by uncertainty surrounding the potential effects of tariffs and other federal policies on the broader economy, inflation, and interest rates.”

The city of Chicago experienced a 0.4 percent year-over-year home sales increase in March 2025 with 1,812 sales, up from 1,804 in March 2024. In March 2025, there were 3,779 homes for sale in the city of Chicago, a 14.8 percent decrease from 4,437 homes on the market in March 2024. The median price of a home in the city of Chicago in March 2025 was $380,000, a 6.1 percent increase from March 2024 when the median price was $358,250.

“March’s steady closed sales and continued rise in home prices indicates that there is a competitive spring market in Chicago,” said Erika Villegas, president of the Chicago Association of REALTORS® and broker/owner of RE/MAX In The Village. “Many buyers are realizing that prices are rising, and mortgage rates remain steady, so they’re acting now—often facing multiple-offer situations as homes go under contract in a matter of days. Sellers who are considering listing should take note: well-presented homes are in high demand, and this could be the right moment to make a move.”

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 April 7, 2025, for the period March 1 through March 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 6.65 percent in March 2025, down from 6.84 percent the previous month and down from the March 2024 average of 6.82 percent.

Find Illinois housing stats, data and the April 2025 forecast from the Institute for Housing Studies at DePaul University at: http://www.illinoisrealtors.org/marketstats/.

Illinois REALTORS® is a voluntary trade association whose 49,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.