
This Illinois Association of Realtors is out with the May data.
As we know, inventory remains tight and sales remain low. Year-over-year sales fell again, but so did inventory.
It was the slowest May for sales since May 2020, when the real estate market was spooked at the start of the pandemic.
The city of Chicago experienced a 7.4 percent year-over-year sales decrease in May 2025 with 2,286 sales, down from 2,468 in May 2024. The median price of a home in the city of Chicago in May 2025 was $390,000, an 8.3 percent increase from May 2024 when the median price was $360,000.
May Sales:
- May 2008: 2119 sales
- May 2009: 1557 sales
- May 2010: 2057 sales
- May 2011: 1705 sales
- May 2012: 2037 sales
- May 2013: 2834 sales
- May 2014: 2453 sales
- May 2015: 2750 sales
- May 2016: 2980 sales
- May 2017: 3046 sales
- May 2018: 3047 sales
- May 2019: 2952 sales
- May 2020: 1701 sales
- May 2021: 3453 sales
- May 2022: 3374 sales
- May 2023: 2462 sales
- May 2024: 2468 sales
- May 2025: 2286 sales
Median Price Data:
- May 2008: $319,500
- May 2009: $225,000
- May 2010: $230,000
- May 2011: $190,000
- May 2012: $203,000
- May 2013: $234,000
- May 2014: $269,250
- May 2015: $281,000
- May 2016: $290,750
- May 2017: $305,600
- May 2018: $305,000
- May 2019: $315,000
- May 2020: $313,000
- May 2021: $350,000
- May 2022: $350,500
- May 2023: $335,000
- May 2024: $360,000
- May 2025: $390,000
“We continue to see the impact of low inventory on Chicago’s housing market, with fewer closed sales and steady buyer activity keeping prices on the rise,” said Erika Villegas, president of the Chicago Association of REALTORS® and broker and owner of RE/MAX In The Village. “Well-priced homes are still moving quickly, buyers and sellers alike should work closely with their REALTOR® to adapt their strategies in this fast-paced, competitive market.”
More condos are selling than single family homes in Chicago.
The mix of the sales:
- 1,486 condo sales, down 10%
- 800 single family home sales, down 2.1%
On pricing, median condo prices were up 4.4% to $412,500 while single family home prices were up 9.4% to $350,000.
Statewide, inventory continues to edge higher but it was coming off the all-time lows. Inventory rose 6% to 19,890 homes from 18,758 last year.
In 2025, statewide inventory is driven by the 9-county Chicagoland inventory, which rose 3.4% to 13,195 from 12,754.
However, the city of Chicago bucked the trend of rising inventory as it fell 13.2%.
- May 2019: 10,096
- May 2022: 7,115
- May 2023: 5,073
- May 2024: 4,934
- May 2025: 4,284
Will we see a “3” handle on inventory sometime this year?
I’ve been talking about the “available” inventory on Redfin for several months for some of the popular GreenZone neighborhoods.
As of June 29, 2025, Lincoln Park has 141 properties available and Lakeview had 194.
Lincoln Park has been between 125 and 150 for months. Lakeview had been 200-225 until recently where it dipped under 200.
These are at ALL price points.
If a buyer is looking in the popular $400,000 to $500,000 price range in Lakeview for a 2/2, there are just 5 properties available.
Going up to $600,000, the number of properties available was just 12.
You can see why there are bidding wars.
For those of you who were around during the housing bubble years, it’s shocking that there’s virtually no new construction on the market with the exception of a few small luxury buildings where units start over $1 million.
There are also no new downtown condo buildings under construction for the first time in 10 years. However, developers still have available units in several buildings that have finished construction.
Current inventory in River North (which doesn’t include everything because developers don’t list all of their units on the MLS) is just 303 units.
In Streeterville, it is 254 homes.
“Our three-month forecast expects home sales in Illinois to rise nearly 4 percent between June and August compared to last year. Prices are expected to remain relatively flat over the summer months, but end August roughly 7 percent higher year-over-year,” said Geoff Smith, Executive Director, Institute for Housing Studies at DePaul University in Chicago.
“In May 2025, Illinois single-family inventories experienced their 13th consecutive month of year-over year growth. Despite this, the state has seen one of the weakest recoveries to pre-pandemic inventory levels. Tight statewide inventories suggest that the market will remain highly competitive, but sustained inventory growth and increased days on market could be indications of improving conditions for homebuyers.”
The 30-year fixed rate mortgage was 6.82% in May 2025, up from 6.73% in April but down from 7.06% in May 2024.
In some states, inventory is rising quickly and is back to 2019 pre-covid levels.
When will Chicago see it rise?
Illinois home sales lower in May while median prices and inventory moved higher [Illinois Association of Realtors, Press Release, by Stephanie Sievers, June 23, 2025]