August brought an interesting combination of trends to the Chicago real estate market: fewer homes are selling, but prices continue to rise.
In the Chicago metro area, the number of homes sold fell 11.3% compared with August 2025, while the median sales price increased 5.5% year over year.
Statewide, Illinois followed a similar pattern, with home sales down 12.5% and the median price up 5.9% compared with last August.
So, what does that mean if you’re thinking about buying or selling a home?
Let’s take a closer look at the August numbers.
What Does This Mean for Sellers?
Rising prices are encouraging for homeowners, but that doesn’t mean every property will automatically sell quickly—or for top dollar.
With fewer transactions happening, pricing and presentation matter. The right pricing strategy can help generate interest early, particularly when buyers are watching new listings closely.
And remember: real estate is hyperlocal. The market for a condo in Uptown can look very different from a single-family home in another Chicago neighborhood or suburb.
If you’re considering selling, understanding what’s happening with homes like yours, in your immediate area, is much more valuable than looking at citywide numbers alone.
What Does This Mean for Buyers?
Fewer sales don’t necessarily mean lower prices. Chicago metro median prices were still 5.5% higher than last August, and homes spent a median of only 15 days on the market.
For buyers, that means preparation is important. Know your budget, have your financing ready and understand what you’re willing to spend before the right property comes along.
It also doesn’t mean you should overpay. Looking closely at comparable sales, property condition and local market activity can help you determine what a home is actually worth and make a confident offer.
Thinking about buying or selling in Chicago or the surrounding suburbs? Let’s talk.
