As we head into spring, we wanted to share a quick pulse check on what’s happening in the Chicago real estate market. Whether you're thinking about making a move this year, or just like to keep tabs on the market, we’ve pulled together the biggest takeaways from Q1 of 2025 and the latest March report.
Here’s what you should know:
Buyers Are Jumping Back In (Even with Rates in the 7s)
Surprisingly, higher interest rates haven’t slowed things down. In fact, buyer activity is picking up. People are motivated. And they’re finding creative ways to make it work.
Life Changes Are Driving Real Estate Decisions
May folks who hit pause the last few years are now ready to take action, often due to big life moments such as new jobs, growing families, or fresh starts. Millennials and Gen Z are making their first or second investment purchase, while the Boomers are considering where they want to downsize and settle.
Inventory is Still Super Tight
We’re still seeing low inventory across the board. Many homeowners are holding onto their properties, which is keeping the market competitive… especially for move-in-ready homes.
Rent Prices Are Through the Roof
With rental costs climbing to record highs, homeownership is becoming more attractive for those who are able to buy. For some, the math just makes more sense by acquiring a mortgage and an asset such as a home.
It’s Still a Seller’s Market
Homes are moving quickly. Especially in mid-range price points, as we’ve seen with X listings, resulting in X offers in just 90 days for our clients. If you're thinking about selling, now is a great time to strategize around pricing and presentation.
Homes Are Selling at or Near Asking
Sellers who price smartly are being rewarded. We’re still seeing strong sale-to-list price ratios, a clear sign that buyers are serious and competition is alive and well. We haven’t walked away from an open house weekend without a minimum of one offer all year.
A Small Group of Agents Are Doing Most of the Business
This might sound inside baseball, but it’s important: 10% of agents now handle over 85% of listings nationwide. The takeaway? Who you work with really matters.
Market Pace Varies by Price Point
Not every segment is the same. Higher-end homes are sitting a bit longer, while others are flying off the market. There are real opportunities for both buyers and sellers… if you know where to look. And if you don’t, we are here to guide you.
Stay tuned for more market insights, exclusive listings, and the do’s and don’ts of Real Estate in Chicago!