The median Illinois home price stayed the same in February 2023, year over year, according to new data from Illinois REALTORS®: $240,000. The price endured despite sales slipping 25.1% during the same period, to 7,509 homes sold.

In Chicagoland, too, the median price reflected no change from last year: $290,000 in both February 2023 and February 2022. Meanwhile, the number of home sales dropped 29.4% to 4,982 homes sold.

However, it was a different story in the city proper. In Chicago, the median sales price declined 2.3% to $312,500, year over year, while sales dropped 37.3% to 1,207 homes sold.

Month over month, though, both home prices and sales increased in Chicago and in Illinois (not in the larger Chicago metro). Prices increased from $234,000 and $297,500 in the state and city, respectively, while the number of sales were up 1% statewide and 1.1% citywide.

“Although the number of year-over-year sales is lower than at this time last year, the housing market appears to have begun its rebound from the winter downturn somewhat early,” Daniel McMillen, head of the Stuart Handler Department of Real Estate, said in a press release from Illinois REALTORS®, commenting on those month-over-month changes.

Chicago Association of REALTORS® President Sarah Ware further contextualized the numbers. “Based on the February data, interest rates continue to impact the volume of transactions in the market,” Ware said. “Still, we’re seeing a lot of negotiations happening, and days on the market and median sales price are steady.”

“With the statewide median price remaining steady and the average time to sell a home going up, it could be a positive sign for homebuyers looking for better deals,” Illinois REALTORS® President Michael Gobber concluded. “Spring is a great time to prepare for – or to start – the homebuying process.”