{"id":110124,"date":"2026-06-02T10:28:21","date_gmt":"2026-06-02T17:28:21","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=110124"},"modified":"2026-06-02T10:28:21","modified_gmt":"2026-06-02T17:28:21","slug":"chicago-il-housing-market-may-2026","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/chicago-il-housing-market-may-2026\/","title":{"rendered":"Chicago, IL Housing Market Update: May 2026"},"content":{"rendered":"<h3><b>Key takeaways<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Chicago housing market slightly favored sellers in May, but the balance of power was nearly even.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home prices, sales, and listings all rose as activity returned to the market.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The city\u2019s seasonal trends acted more \u201cnormal\u201d than they have in years, in line with the national market\u2019s slow reset.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Chicago housing market snapshot<\/span><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>Balance of Power<\/b><\/td>\n<td><b>Median Sale Price (YoY)<\/b><\/td>\n<td><b>Pending Sales (YoY)<\/b><\/td>\n<td><b>Active Listings (YoY)<\/b><\/td>\n<td><b>Days on Market (YoY)<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Balanced market<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$395,400 (+5.2%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7,778 (+6.3%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26,679 (+0.7%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51 (-3 days)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Spring housing season was in full swing in May, and Chicago\u2019s market followed suit. Sales increased, homes moved faster, and prices climbed. The typical listing took about seven weeks to sell, but those that were well-priced moved more quickly than in previous springs. The market was nearly perfectly balanced, but strategy still mattered.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Learn everything you need to know about the <\/span><a href=\"https:\/\/www.redfin.com\/city\/29470\/IL\/Chicago\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/a><span style=\"font-weight: 400;\">, housing market as we edge closer to summer, and what buyers and sellers can do to succeed.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">U.S. housing market snapshot<\/span><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>Balance of Power<\/b><\/td>\n<td><b>Median Sale Price (YoY)<\/b><\/td>\n<td><b>Pending Sales (YoY)<\/b><\/td>\n<td><b>Active Listings (YoY)<\/b><\/td>\n<td><b>Days on Market (YoY)<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Buyer\u2019s Market<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$393,247 (+2.3%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">349,901 (+4.4%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1,483,919 (+0.7%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48 (+2 days)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Nationally, prices are rising, inventory is growing, and pending sales are up. The prolonged slow and expensive buyer\u2019s market that has defined the post-pandemic market is finally showing signs of thawing\u2014but buyers are still firmly in charge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHousing has been stuck in a rut for years, with buyers and sellers priced out and too few homes to go around,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Chen Zhao, Redfin\u2019s head of economics research<\/span><\/a><span style=\"font-weight: 400;\">. \u201cWhile conditions are still difficult, many cities are undergoing a yearslong reset from the pandemic, with price growth easing and inventory climbing\u2014helping affordability improve as wages rise. Pending home sales have increased over the last three months, which is an early sign that buyers and sellers are beginning to reenter the market. But volatility tied to the Iran War is keeping everyone on edge.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s dive into the Chicago housing market.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Chicago\u2019s housing market slightly favored sellers<\/span><\/h2>\n<div id=\"datawrapper-vis-40guc\" style=\"min-height: 442px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/40guc\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-40guc\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/40guc\/full.png\" alt=\"Share of Buyers vs Sellers in Chicago: May 2026 (Line chart)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><b>In Chicago, buyers outnumbered sellers by just 0.5% in May, giving the market a slight tilt toward sellers<\/b><span style=\"font-weight: 400;\">. The number of buyers rose 5% year over year in May, while the number of sellers was essentially flat. Nationally, it was essentially the opposite; there were 47% more sellers than buyers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homes moved relatively quickly. The median home sat on the market for 51 days, and 44% of listings went under contract within two weeks. Meanwhile, 37% of homes sold above their original list price, compared to just 26% nationally.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Active buyers should move quickly on well-priced listings\u2014homes that are priced right are still drawing multiple offers. Sellers can be confident in the demand but shouldn\u2019t overprice; the data shows buyers are active but not desperate, and overpriced homes are sitting.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Prices rose at a less frenzied pace<\/span><\/h2>\n<div id=\"datawrapper-vis-jWHhg\" style=\"min-height: 423px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/jWHhg\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-jWHhg\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/jWHhg\/full.png\" alt=\"Chicago Median Sale Price: May 2026 (Line chart)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><b>The median sale price in Chicago reached $379,900 in May<\/b><span style=\"font-weight: 400;\">, up 5.4% year over year. That was a continued upward trend, but a deceleration from the 8.3% year-over-year growth at this time in 2024 and the 6.1% gain last year. Chicago\u2019s appreciation outpaced the nation as a whole (where prices rose just 1.9%), but the gap narrowed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To put this data into context, <\/span><b>Chicago\u2019s median sale price has nearly doubled from its post-recession lows. <\/b><span style=\"font-weight: 400;\">The sharpest growth came during the pandemic, when prices jumped by $50,000 in under two years. The current pace of growth is far more sustainable, averaging roughly 5\u20136% annually since mid-2024.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home searchers shouldn\u2019t wait for price drops from sellers, though. Only 11% of active listings in Chicago have had a price reduction, compared to 20% nationally. That said, sellers who do cut their price are cutting by an average of 4% of their list price. Sellers should price to the market, and buyers should make competitive offers.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Inventory held steady<\/span><\/h2>\n<div id=\"datawrapper-vis-nTclC\" style=\"min-height: 442px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/nTclC\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-nTclC\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/nTclC\/full.png\" alt=\"Active Listings in Chicago: May 2026 (Line chart)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><b>Active listings held steady at 26,679, up less than 1% year over year<\/b><span style=\"font-weight: 400;\">\u2014essentially flat after several months of modest growth. New listings climbed 4%, a sign that more homeowners chose to sell. Combined with months of supply at 3.1 (compared to 3.5 nationally), Chicago remained a tighter market than the U.S. as a whole.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The data painted a picture of a market that was unevenly normalizing: inventory plateaued near its multi-year rebuild level, but demand absorbed much of it before supply could accumulate meaningfully. For buyers, that meant a similar number of options as last year and still limited leverage on price.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">All data is a Redfin analysis of MLS, U.S. Census Bureau, and\/or county record data. Check the <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/housing-market\/\" data-wpel-link=\"exclude\"><i><span style=\"font-weight: 400;\">Redfin Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for additional in-depth housing market data.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chicago\u2019s housing market heated up in May, with prices, sales, and speed all rising. Here\u2019s what this means for buyers and sellers.<\/p>\n","protected":false},"author":559,"featured_media":89825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276],"tags":[34431,34403,35780,35836],"coauthors":[34342],"class_list":["post-110124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","tag-chicago","tag-il","tag-market-update","tag-rid29470"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chicago, IL Housing Market Update: May 2026 | Redfin<\/title>\n<meta name=\"description\" content=\"Chicago\u2019s housing market heated up in May, with prices, sales, and speed all rising. 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