Chicago Home Prices Climbing Fast

Home prices in the Chicago metro area rose at more than three times the national rate in April, accelerating a local market run even as other regions cool, Crain’s reported.

The median sale price across the nine-county metro climbed 5.7 percent year-over-year to $370,000, compared to just 1.8 percent growth nationwide, according to Illinois Realtors and the National Association of Realtors. Inside the city, median prices rose even faster, up 8 percent year-over-year to $399,000.

The national median home price in April reached $414,000.

The S&P CoreLogic Case-Shiller Index, which covers March, also showed Chicago’s home price gains outpacing the nation — up 6.5 percent compared to 3.4 percent nationally — second only to New York among the 20 major U.S. cities tracked.

Price growth is showing some signs of cooling, despite the strong gains. April’s 5.7 percent metro-wide increase was down from December’s 11.1 percent year-over-year jump, and city figures also eased slightly from November’s 12.2 percent peak. Citywide growth in November and April was the strongest since late 2021.

At the same time, sales volumes declined. The city logged 2,091 home sales in April, down 6.1 percent from April last year, while metro-wide sales dipped 4.2 percent to 7,857 transactions, the biggest drop since last September. The slowdown could reflect buyer fatigue as affordability is squeezed by rising prices.

Meanwhile, luxury deals are thriving.

So far this year, 58 Chicago-area homes have sold for $4 million or more, already surpassing the entire tally for all of 2019. Still, cracks may be forming at the top. Pending contracts for homes in the top 5 percent of the price range dropped 9.7 percent in Chicago in April, mirroring a 9.9 percent decline nationwide, according to Redfin.

— Judah Duke