What is the Market Like in Chicago?
- Chicago Real Estate Agent
- Nov 5
- 3 min read
Updated: Dec 3
Read the Compass Residential Real Estate Market Report for Q3 2025, featuring local data on many Chicago neighborhoods and towns. Or contact Jovanka for details on your home's market value or the neighborhood you are considering for your next purchase!
Overview of the Chicagoland Market
Jovanka is excited to share the Q3 2025 Market Report for the Chicagoland area.
The third quarter has truly showcased the unique position of our market. It stands out from national trends in remarkable ways!
While many “high-growth/boom” markets across the country are facing price corrections or stagnation, the resilient Chicagoland market has demonstrated profound strength. We have seen steady, sustainable price appreciation, even amidst elevated interest rates and typical seasonal moderation. As the post-pandemic correction frenzy has subsided, buyer demand remains robust. This has led to a more stable and predictable transaction landscape—a hallmark of the Chicago market!
Impressive Growth in Home Prices
The strength of the market is exceptionally clear in the City of Chicago. Detached single-family homes have experienced an impressive 8.5% year-over-year increase in median sales price. The attached market, which includes condos and townhomes, is just as strong, seeing a significant 7.9% rise in median price. This is a key differentiator for Chicagoland!
Unlike tech-centric coastal cities still grappling with remote work, Chicago boasts a diversified economy rooted in finance, law, and medicine. This foundation has fostered a strong “return-to-office” culture, fueling robust demand in transit-friendly neighborhoods. Areas like the West Loop, Lincoln Park, and Lakeview are thriving, with turnkey properties often going under contract in just days!
Suburban Market Stability
This urban confidence has also supported a mature and balanced suburban market. In the surrounding suburbs, Q3 performance reflected healthy appreciation. Median sale prices rose consistently between 4.0% and 6.5%, depending on the school district.
Generally, the market is seeing a more strategic suburban buyer. Many are moving from the city to capitalize on equity while seeking top-tier community amenities. This shift has led to a slight cooling in the pace of transactions—without a drop in prices. Buyers now enjoy a crucial advantage: more time for due diligence, especially in areas like DuPage and Lake Counties.
Overall Market Trends
Home values across the entire metropolitan area continue their upward trajectory. They are appreciating within a tighter, more moderate range than in the first half of the year. This stability contrasts sharply with the volatility seen in other regions.
The five-county area has settled into a competitive rhythm. Here, strategic pricing and excellent staging are paramount. Well-priced homes are averaging 12 to 18 days to contract. The commitment from serious buyers remains high, and clean, well-structured offers are winning the day!
Looking Ahead
As we move through the final quarter of 2025 and into the new year, the Chicagoland real estate market is poised for continued stability. These balanced conditions reward strategic action. They offer a strong footing for those looking to capitalize on built-up equity and those searching for their next home!
If you’re considering buying a home or selling a home in the coming months, now is an excellent time to reach out! Jovanka is here to provide hyper-local insight, data-driven strategies, and deep market knowledge to help you succeed in the Chicagoland market.
Contact Jovanka Novakovic
Call Chicago Real Estate Agent Jovanka Novakovic at 312.961.4478 to discuss the market conditions for your home sale and/or purchase!
Conclusion
In conclusion, the Chicagoland real estate market is thriving! With impressive growth in home prices and a stable environment for buyers and sellers alike, now is the perfect time to engage with this vibrant market. Whether you’re looking to buy or sell, Jovanka’s expertise will guide you every step of the way!
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