“Illinois’ housing market in April reflected a measured pace, with home sales softening slightly compared to last year, down 3.4 percent statewide, while prices continued their upward climb,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. “The statewide median price rose 6.2 percent to $310,000, underscoring strong demand despite tighter affordability. Buyers are adjusting to elevated interest rates by focusing on value and long-term stability, and motivated sellers are meeting the moment by pricing strategically. With inventory rising modestly and days on market inching up, we are entering a more balanced spring season where preparation and pricing matter more than ever.”

In the nine-county Chicago Metro Area, April 2025 home sales (single-family and condominiums) totaled 7,857 homes sold, falling 4.2 percent from April 2024 sales of 8,198 homes. In April 2025, there were 11,791 homes for sale in the Chicago Metro Area, a 3.6 percent increase from 11,385 homes on the market in April 2024. The median price of a home in the Chicago Metro Area of $370,000 in April 2025 was 5.7 percent greater than $350,000 in April 2024.

“In the Chicago Metro Area, the story is much the same (as the entire state), with a 4.2 percent dip in sales year-over-year, but a 5.7 percent increase in the median price, now at $370,000,” said Choi. “This tells us buyers are still willing to pay for well-priced, move-in-ready homes in desirable locations. We are seeing more activity from buyers who are timing their moves ahead of summer and sellers who are adapting their strategies to align with today’s market realities.”

“Our three-month forecast expects home sales in Illinois to rise nearly 4 percent this summer compared to last year, with prices following typical seasonal increases,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. “However, despite these seasonal gains, prices are projected to be relatively flat year-over-year by July. Broader economic uncertainty largely tied to inflation concerns continues to weigh on consumer confidence with affordability challenges and growing anxiety about job stability affecting potential homebuying decisions.”

The city of Chicago experienced a 6.1 percent year-over-year home sales decrease in April 2025 with 2,091 sales, down from 2,227 in April 2024. In April 2025, there were 4,085 homes for sale in the city of Chicago, a 12.2 percent decrease from 4,652 homes on the market in April 2024. The median price of a home in the city of Chicago in April 2025 was $399,000, an 8.0 percent increase from April 2024 when the median price was $369,500.

“April’s data underscores the ongoing inventory challenges that are driving demand, pushing prices up while closed sales decline,” said Erika Villegas, president of the Chicago Association of REALTORS® and broker/owner of RE/MAX In The Village. “Sellers are caught in a tough spot—wanting to list but uncertain about finding their next home amid tight market conditions, while buyers face continued competition on well-priced properties. Working with a REALTOR® will help you put a plan in place to navigate the market and find the best opportunities for you.”

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 May 7, 2025, for the period April 1 through April 30, 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 6.73 percent in April 2025, up from 6.65 percent the previous month and down from the April 2024 average of 6.99 percent.

Find Illinois housing stats, data and the May 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 48,000+ 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.