Chicago-area home sales rose 2% year over year from 7,542 to 7,690 closings, while the median-sales price in the nine-county metro jumped 8.5% from $340,000 to $369,000, Illinois REALTORS® said.
In the city of Chicago, sales rose 2.2% from 1,743 to 1,782 transactions, and the median-sales price climbed 7.2% from $345,000 to $370,000.
Statewide, Illinois home sales rose 2.6% year over year from 11,370 to 11,665 closings, while the median-sales price climbed 5.6% from $285,000 to $301,000.
At the same time, the number of homes for sale in metro Chicago fell 6.7% from 15,951 homes in October 2024 to 14,879 properties. Within city limits, the number of homes for sale plunged 22.2% from 5,438 to 4,233 units. Statewide, inventory slid 3.4% year over year from 24,101 homes to 23,373 homes.
“Illinois home sales and prices moved higher in October, signaling steady fall momentum in the housing market,” said Jeff Kolbus, Illinois REALTORS® president and owner of RE/MAX Traders Unlimited in Peoria. “Even with tighter inventory, buyers are acting quickly when the right home is for sale.”
Looking ahead, DePaul University’s Institute for Housing Studies anticipates Illinois home sales will dip 1.6% between October and January on an annual basis.
“While home prices are expected to follow typical seasonal patterns and soften slightly through the end of the year, they are projected to remain strong overall, ending January nearly 8% higher year-over-year,” the institute’s executive director, Geoff Smith, said. “Tight inventories, rising prices and ongoing affordability challenges continue to pose headwinds for Illinois homebuyers.”
Based on Freddie Mac data, the monthly average commitment rate for a 30-year, fixed-rate mortgage was 6.25% in October, down from 6.35% in September and 6.43% in October 2024.
“October’s data shows that buyer demand remains strong as we move through the fall market,” said Lutalo McGee, president of the Chicago Association of REALTORS® and owner and designated managing broker of Ani Real Estate. “People want to buy homes, but low inventory remains the biggest hurdle, continuing to push median prices upward.”