Illinois home sales continued a similar pattern in May with closed sales down while median prices and inventory saw year-over year gains, according to data from Illinois REALTORS®.
In May 2025, statewide home sales (including single-family homes and condominiums) of 12,674 homes sold was 4.7 percent less than 13,300 sold in May 2024. The 19,890 homes available for sale statewide in May was 6.0 percent more than the 18,758 homes available in May 2024. The monthly median price of $315,000 in May 2025 was 5.0 percent more than $300,000 in May 2024. The median is a typical market price where half the homes sold for more and half sold for less.
“Illinois real estate is holding strong. Despite a 4.7 percent drop in statewide sales and a 7.4 percent dip in Chicago, prices are still climbing. Median prices rose 5 percent across Illinois and 8.3 percent in the city,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. “Fewer deals aren’t signaling less demand. They’re revealing tight inventory and high competition. Buyers are still in the game, and prices are proving it.”
In the nine-county Chicago Metro Area, May 2025 home sales (single-family and condominiums) totaled 8,689 homes sold, falling 4.9 percent from May 2024 sales of 9,135 homes. In May 2025, there were 13,195 homes for sale in the Chicago Metro Area, a 3.4 percent increase from 12,759 homes on the market in May 2024. The median price of a home in the Chicago Metro Area of $379,900 in May 2025 was 5.5 percent greater than $360,000 in May 2024.
“Our three-month forecast expects home sales in Illinois to rise nearly 4 percent between June and August compared to last year. Prices are expected to remain relatively flat over the summer months, but end August roughly 7 percent higher year-over-year,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. “In May 2025, Illinois single-family inventories experienced their 13th consecutive month of year-over year growth. Despite this, the state has seen one of the weakest recoveries to pre-pandemic inventory levels. Tight statewide inventories suggest that the market will remain highly competitive, but sustained inventory growth and increased days on market could be indications of improving conditions for homebuyers.”
The city of Chicago experienced a 7.4 percent year-over-year sales decrease in May 2025 with 2,286 sales, down from 2,468 in May 2024. In May 2025, there were 4,284 homes for sale in the city of Chicago, a 13.2 percent decrease from 4,934 homes on the market in May 2024. The median price of a home in the city of Chicago in May 2025 was $390,000, an 8.3 percent increase from May 2024 when the median price was $360,000.
“We continue to see the impact of low inventory on Chicago’s housing market, with fewer closed sales and steady buyer activity keeping prices on the rise,” said Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In The Village. “Well-priced homes are still moving quickly, buyers and sellers alike should work closely with their REALTOR® to adapt their strategies in this fast-paced, competitive market.”
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 June 12, 2025, for the period May 1 through May 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 6.82 percent in May 2025, up from 6.73 percent the previous month and down from the May 2024 average of 7.06 percent.
Find Illinois housing stats, data and the June 2025 forecast from the Institute for Housing Studies at DePaul University at http://www.illinoisrealtors.org/marketstats/.
