*The City of Chicago Market Snapshot represents the residential real estate activity within the 77 officially defined Chicago community areas as provided by the Chicago Association of REALTORS®.
- 2,288 properties were sold in the City of Chicago in May 2025. This is a 7.3% decrease from May 2024.
- The median sales price in the City of Chicago for May 2025 was $390,000, which is an 8.3% increase from May 2024.
- The City of Chicago saw listings average 47 days on the market until contract, which is a 17.5% decrease from May 2024.
- Check out the May 2025 FastStats.
STATE OF THE MARKET
- U.S. existing-home sales decreased 0.5% month-over-month and 2.0% year-over-year to a seasonally adjusted annual rate of 4.00 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales rose in the Midwest, declined in the West and Northeast, and remained steady in the South.
- Total housing inventory increased 9.0% from the previous month for a total of 1.45 million units heading into May, equivalent to a 4.4-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20.8% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 1.8% year-over-year to $414,000 as of last measure.
INVENTORY
- The City of Chicago’s inventory is down 13.7%, from 4,942 homes in May 2024 to 4,264 homes in May 2025.
- The month’s supply of inventory decreased 14.8%, from 2.7 in May 2024 to 2.3 in May 2025.
2-4 Unit Data
- 322 properties were sold in May 2025. This is a 4.2% decrease from May 2024.
- The median sales price in May 2025 was $485,000, a 13.2% increase from May 2024.
- There were 584 new units on the market in May 2025, which is a 4.6% decrease from May 2024.
If you’re interested in exploring all the 2-4 unit data, check out our monthly spreadsheets in the Chicago-MU tab.
