Chicago Home Price Growth Twice National Average

Chicago’s residential market is defying national trends, at least when it comes to prices.

Home prices in the Chicago metro rose 6.1 percent year-over-year in March, according to data from Illinois Realtors reported by Crain’s.

That’s more than double the national growth rate of 2.7 percent reported by the National Association of Realtors, the widest gap between local and national price gains since the city began outperforming in mid-2024.

It’s the latest data point in what’s become a steady pattern: while home values in many parts of the country have cooled under the weight of high interest rates, Chicago’s prices have marched upward. The S&P CoreLogic Case-Shiller Index, which lags by a month, also showed Chicago prices growing nearly twice as fast as the national average in February.

Still, March’s 6.1 percent increase marked a slight slowdown from the 9 to 10 percent range seen in recent months, offering a modest sign of stabilization. The city’s March median price gain was the lowest since July.

Buyers may not feel much relief. The median asking price in the Chicago metro hit a record $377,563 in February, according to Redfin. Though seller expectations have dipped in recent weeks — in late April, asking prices were up just 2.67 percent year-over-year — affordability remains strained.

Sales volume, meanwhile, continues to lag historic norms.

Chicago metro home sales were down 4 percent in March from the year prior, totaling 6,568 deals, the lowest March total since 2011. That compares favorably to the national sales drop of 5.9 percent but still reflects the drag of tight inventory and elevated borrowing costs.

Within Chicago’s city limits, 1,812 homes changed hands in March, virtually flat from a year earlier but still one of the weakest March tallies since 2012. Many sellers remain on the sidelines, and buyers are contending with a market where prices keep climbing, even as demand softens.

The Chicago metro area includes Cook, Lake, DuPage, Kane, Will and six other surrounding counties. While its pace may be cooling, the region is still one of the few major U.S. housing markets where price growth presently shows no sign of reversing course.

— Judah Duke