Illinois experienced an increase in year-over-year closed home sales, median prices and available homes during January, according to data from Illinois REALTORS®.
In January 2025, statewide home sales (including single-family homes and condominiums) of 7,471 homes sold was 7.0 percent greater than 6,983 sold in January 2024. The 16,919 homes available for sale statewide in January was 1.5 percent more than the 16,662 available homes in January 2024. The monthly median price of $285,000 in January 2025 was 10.9 percent more than $256,900 in January 2024. The median is a typical market price where half the homes sold for more and half sold for less.
“Illinois’ housing market continues to demonstrate resilience and growth despite broader economic uncertainties,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. “In January 2025, we saw a notable increase in closed sales across the state, with a 7 percent rise year over year. The city of Chicago experienced an even stronger surge, with closed sales up 17.8 percent, reflecting renewed buyer confidence and sustained demand. Median home prices also climbed, with Chicago posting a 10.4 percent increase and the broader metro area following suit with a 7.9 percent uptick. These trends signal a competitive market where well-positioned sellers can capitalize on rising values, while buyers must navigate limited inventory and slightly longer days on the market. As we move forward, strategic pricing and informed decision-making will be key for success in this dynamic landscape.”
In the nine-county Chicago Metro Area, January 2025 home sales (single-family and condominiums) totaled 4,991 homes sold, rising 8.4 percent from January 2024 sales of 4,603 homes. In January 2025, there were 10,939 homes for sale in the Chicago Metro Area, a 1.0 percent increase from 10,830 homes on the market in January 2024. The median price of a home in the Chicago Metro Area of $340,000 in January 2025 was 7.9 percent greater than $315,000 in January 2024.
“Our three-month forecast expects statewide closed sales activity between February and April to be nearly 3 percent higher than last year, while house price growth is expected to remain strong with prices of single-family homes anticipated to increase by nearly 5 percent through April 2025 compared to the previous year,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. “Looking at broader market conditions in the state, tight inventories and high interest rates are likely to remain challenging for Illinois homebuyers. General consumer sentiment and homebuyer sentiment has weakened in recent months. After improving through the second half of 2024, homebuying sentiment wavered near the end of the year as a shrinking share of households believe mortgage rates will decline in 2025.”
The city of Chicago experienced a 17.8 percent year-over-year home sales increase in January 2025 with 1,265 sales, up from 1,074 in January 2024. In January 2025, there were 3,593 homes for sale in the city of Chicago, a 14.8 percent decrease from 4,219 homes on the market in January 2024. The median price of a home in the city of Chicago in January 2025 was $350,000, a 10.4 percent increase from January 2024 when the median price was $317,000.
“The continued increase in January’s closed sales indicates Chicago’s real estate market is gaining momentum, with increased activity carrying over from the fall and setting the stage for a highly active spring,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “For buyers who have been waiting on the sidelines, now is the time to get prepared, while sellers should take advantage of the strong demand for more inventory. Working with a REALTOR® now ensures you stay ahead of the market.”
Sales and price information are generated by Multiple Listing Service closed sales reported by 21 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Feb. 7, 2025, for the period Jan. 1 through Jan. 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 6.96 percent in January 2025, up from 6.72 percent the previous month. The January 2024 average was 6.64 percent.
Find Illinois housing stats, data and the February 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.
