Crib Chatter

It’s time to get back to the monthly sales data. We’ve been chattering about how low the inventory has been this spring.

It hit new lows for this cycle in February 2025.

From the Illinois Association of Realtors:

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. 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.

Here is the sales data for February going back to 1997 (courtesy of G):

• 1997: 881 sales
• 1998: 991
• 2000: 1383
• 2001: 1151
• 2002: 1677
• 2003: 1566
• 2004: 1814
• 2005: 2228
• 2006: 1855
• 2007: 1703
• 2008: 1454
• 2009: 870
• 2010: 1257
• 2011: 1092
• 2012: 1250
• 2013: 1411
• 2014: 1361
• 2015: 1497
• 2016: 1567
• 2017: 1529
• 2018: 1535
• 2019: 1449
• 2020: 1496
• 2021: 1658
• 2022: 1924
• 2023: 1238
• 2024: 1306
• 2025: 1348

Here is the Median Price Data also going back to 1997 (thanks G!):

• 1997: $117,000
• 1998: $132,000
• 1999: $143,750
• 2000: $161,500
• 2001: $180,200
• 2002: $212,000
• 2003: $215,000
• 2004: $229,900
• 2005: $268,900
• 2006: $267,500
• 2007: $270,000
• 2008: $290,000
• 2009: $218,125 (with 31% being REO/Short Sales)
• 2010: $176,000 (with 46% being REO/Short Sales)
• 2011: $150,250 (with 50% being REO/Short Sales)
• 2012: $140,300 (with 52% being REO/Short Sales)
• 2013: $158,000
• 2014 $175,000
• 2015: $212,000
• 2016: $236,000
• 2017: $246,000
• 2018: $272,000
• 2019: $272,500
• 2020: $290,000
• 2021: $320,000
• 2022: $320,000
• 2023: $310,000
• 2024: $330,000
• 2025: $360,000

Reminder: The high for home sales in February for the last 17 years was in February 2022, just before the Federal Reserve started raising interest rates.

Yes, it has been 3 years since the Chairman Powell and the Federal Reserve started aggressively raising interest rates, which pushed up mortgage rates.

Even today, with the Fed cutting, mortgage rates remain elevated compared to early 2022.

The average 30-year fixed mortgage was 6.84% in February 2025, down from January’s 6.96% but up from February 2024 when it was 6.78%.

In February 2022 the average 30-year fixed mortgage was 3.76%.

“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.”

Statewide inventory fell 0.6% year-over-year to 16,782 from 16,886 last year.

In Chicago, inventory plunged 18% to 3,664 homes from 4,470 homes a year ago. How low is that?

• February 2021: 8,055
• February 2022: 6,225
• February 2023: 5,155
• February 2024: 4,470
• February 2025: 3,664

“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.”

In Chicago, average days on the market fell 4.4% to 43 days from 45 days last year.

Of the 1306 sales, 835 were condos and 471 single family homes. Condo sales were up 3.1% year-over-year and single family home sales were down 12.5%.

“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.”

Inventory continues to be low in March.

Will prices continue to rise?

Low inventory and higher median prices stymie Illinois home sales in February [Illinois Association of Realtors, Press Release, March 20, 2025]