November 2025 -
Ok y'all, 2026 is right around the corner and it's been quite the year in the Chicago Real Estate landscape. Here's a current-market snapshot - straight talk, no fluff (but also a few must-know stats):
Right now in Chicago, things are tight. This is not new, as inventory in the city has dropped significantly. According to Illinois Association of Realtors, as of September 2025 there were about 4,290 homes on the market, down 22.2% compared to a year ago. That low supply is driving up prices, and the median sales price citywide is now around $380,000. With the buyers currently in the market ready to move on well-priced homes, we're seeing very efficient demand for quality listings.
Despite some seasonal changes, the broader Chicago metro remains extremely competitive which we appreciate. Stat time!! In October 2025, 7,690 homes closed, which was a 2.0% increase year-over-year. But here's the kicker: even though more homes are selling, the total number of homes available for sale dropped by about 6–7% compared to last year. That supply squeeze means that for sellers who price smart, it's prime time to sell. For buyers (especially first-timers) it's continuing to be more challenging to navigate, so having a sharp real estate advisor (hint hint) is more important than ever!
With regard to multifamily units, the picture is also intriguing. Asking rents across the city are rising (about 3.3% to be precise), showing that demand for rental units remains strong. I'm a landlord, and I work with a lot of investors so I know a thing or two about trying to be attractive to renters in order to fill units. Every other builidng you see being built in town right now is a "luxury rental building" which doesn't mean much today......so if you're weighing an investment in rentals or multifamily property for your portfolio, the fundamentals are still solid. But you'll want to be picky about location and deal structure in order to get the best tenant, longest lease and renter rentention in place. And the ADU rules have recently changed, so if you're unaware of these changes or want more info about adding an ADU to your property give me a call.
