- Home Values: The average home value in Chicago has risen by approximately 3.0% over the past year, reaching around $295,000.
- Market Activity: Homes are selling at a steady pace, typically going under contract within about 36 days.
- Luxury Segment Challenges: The high-end real estate market has faced difficulties, with some properties selling at significant losses. Factors such as economic conditions and local concerns have contributed to this trend.
- Interest Rates and Affordability: Fluctuating mortgage rates have impacted buyer behavior, with some waiting for more favorable conditions. There is cautious optimism about potential rate stabilization in the near future.
Overall, the Chicago housing market in 2025 presents a mix of opportunities and challenges, with trends varying across different segments.