Year-over-year closed home sales increased slightly in Illinois during February, with fewer homes available for sale and competition driving prices up, according to data from Illinois REALTORS®.

In February 2025, statewide home sales (including single-family homes and condominiums) of 7,698 homes sold was 0.1 percent greater than 7,690 sold in February 2024. The 16,782 homes available for sale statewide in February was 0.6 percent less than the 16,886 homes available in February 2024. The monthly median price of $283,000 in February 2025 was 6.0 percent more than $267,000 in February 2024. The median is a typical market price where half the homes sold for more and half sold for less.

“With fewer homes on the market, buyers are competing more aggressively, and sellers are seeing strong appreciation,” said Tommy Choi, Illinois REALTORS® 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONEChicago. “Illinois’ real estate market continues to show resilience, and as confidence among buyers and sellers continues to grow, Illinois will remain a dynamic and competitive landscape for homeowners.”

In the nine-county Chicago Metro Area, February 2025 home sales (single-family and condominiums) totaled 5,160 homes sold, falling 0.1 percent from February 2024 sales of 5,163 homes. In February 2025, there were 11,037 homes for sale in the Chicago Metro Area, a 1.7 percent decrease from 11,228 homes on the market in February 2024. The median price of a home in the Chicago Metro Area of $344,000 in February 2025 was 7.5 percent greater than $320,000 in February 2024.

“Our three-month forecast expects statewide closed sales activity between March and May to be nearly 3 percent higher than last year,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago. “House price growth is expected to flatten out with prices of single-family homes projected to increase in the coming months following seasonal trends but be slightly lower in May 2025 compared to last year. General consumer and homebuyer sentiment declined in February due to increasing uncertainty surrounding the broader economy, interest rates and homebuying conditions.”

The city of Chicago experienced a 3.1 percent year-over-year home sales decrease in February 2025 with 1,306 sales, down from 1,348 in February 2024. In February 2025, there were 3,664 homes for sale in the city of Chicago, an 18.0 percent decrease from 4,470 homes on the market in February 2024. The median price of a home in the city of Chicago in February 2025 was $360,000, a 9.1 percent increase from February 2024 when the median price was $330,000.

“Chicago’s housing market held steady in February. Even as closed sales dipped slightly compared to last year, buyers remained active,” Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In the Village said. “As we head into the spring market, demand is steady and buyers are prepared to act quickly, despite continued low inventory and rising prices.”

While also taking notice of Chicago’s sharp drop in inventory, strong demand and robust price growth during February, Choi agrees that the spring market there will remain competitive and dynamic for consumers, too.

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 March 7, 2025, for the period Feb. 1 through Feb. 28, 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 6.84 percent in February 2025, down from 6.96 percent the previous month but up from the February 2024 average of 6.78 percent.

Find Illinois housing stats, data and the March 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.