Chicago Home Prices Are Climbing Faster Than Almost Anywhere Else in the U.S.

If you’ve been keeping an eye on the housing market, you know that Chicago home prices have been on the rise — but you might be surprised at just how quickly they’re climbing compared to the rest of the country. According to the latest data from Crain’s Chicago Business and key industry sources like Illinois Realtors and the S&P CoreLogic Case-Shiller Index, Chicago's housing market continues to outperform much of the nation, despite overall signs of a market slowdown.

Here’s what you need to know:

📈 Chicago Home Prices Are Rising Three Times Faster Than the National Average

In April, the median price of a home in the Chicago metro area reached $370,000, up 5.7% from the same time last year. In comparison, the national median home price rose just 1.8% to $414,000.

Within the city of Chicago, the median home price hit $399,000, an 8% jump from a year earlier — an even more dramatic increase, outpacing the national rate by more than four times.

🏠 Why the Gap?

While the pace of price growth is slowing across much of the U.S., Chicago's housing market has remained remarkably resilient. It’s a complete reversal from the 2010s, when our city’s home prices lagged far behind national trends.

📊 How Long Can This Last?

Though price growth is moderating, it's still historically strong. Back in December 2024, home prices in the metro area were up 11.1% year-over-year. That number has been gradually easing — but 5.7% is still significant, especially compared to other markets.

And it’s not just one data source confirming this. The Case-Shiller Index also shows Chicago home prices up 6.5% in March (the latest month reported), nearly double the national rate of 3.37%. Among major U.S. cities, only New York saw higher gains.

🏘️ Fewer Homes Are Selling, But High-End Sales Are Soaring

While fewer homes changed hands in April (sales in the city of Chicago were down 6.1% year-over-year), there’s a bright spot in the luxury market:
So far this year, 58 homes in the Chicago area have sold for $4 million or more, compared to 34 at the same point last year. That’s more ultra-luxury sales than we saw in all of 2019!

What This Means for You

If you’re thinking about buying or selling in the Chicago area, this is important context to consider. Whether you’re navigating a competitive market as a buyer or exploring your options as a seller, understanding these trends can help you make informed decisions.

📞 Want to talk about your options? I’d be happy to help you navigate the Chicago area market! Let’s chat today. (708) 480-2011

The Glockler Group
Real Estate Since ‘78

Coldwell Banker Realty