Chicagoland Residential Asking Prices Hit Record High

Sellers across the Chicago metro pushed asking prices to record highs last month as tight inventory and buyer competition propped up the market despite high interest rates.

The median asking price for newly listed homes in the Chicago area reached $384,250 in April, according to Redfin. It was the first time the region has surpassed the $380,000 threshold, Crain’s reported.

That figure is up 4.3 percent from the same time last year and roughly 16 percent higher than spring 2022, when the Federal Reserve began its series of interest rate hikes. Redfin’s data only tracks asking prices on new listings, not homes that have lingered or been marked down.

In nearby Lake County, new listings came in even higher, with a median ask of $419,988, an 11.9 percent jump from April of last year. April also set a record nationwide, with the U.S. median asking price for new listings reaching $429,700.

Many markets have seen softening or price cuts, but agents say Chicago’s relative affordability and resilient demand are helping keep prices strong.

“People have finally gotten comfortable with interest rates,” said Matt Laricy of Americorp Real Estate. Sellers are “absolutely reaching higher,” he said.

“They know rates aren’t going down to the threes where they were during the pandemic. It’s going to stay sixes, and people aren’t waiting anymore. They have to buy,” he told the outlet.

That dynamic has helped fuel bidding wars, especially for homes in good condition and priced near or just above market. Laricy said he recently submitted 20 offers on behalf of clients in one weekend, and only one was accepted.

Agents caution against overly aggressive pricing. Many listings are still seeing price cuts if they’re overreaching or in subpar condition. Even so, some sellers are landing unexpected wins. A Lakeview townhouse listed in early April for $825,000 closed at $925,000, a 12 percent premium.

— Judah Duke