The broader Chicagoland area, meanwhile, saw a slight uptick in sales during the year. 

Several suburban communities experienced significant declines in prices during December, however.

Affordability challenges continue to bedevil homebuyers, despite mortgage rates falling to a three-year low, the National Association of Home Builders reported. 

Sales of existing homes jumped 5.1% month over month, topping analyst expectations. 

The firm expects price growth to pick up again with the start of spring selling season. 

Contract signings were up in all four U.S. regions. 

The number of homes for sale in Chicagoland fell 9.7% from 14,513 homes in November 2024 to 13,111 properties last month.

At the same time, single-family home prices remained flat, which could result in increased affordability in 2026. 

The NAHB’s monthly survey found the nation’s homebuilders remain optimistic about home sales next year. 

The increase came as the median sales price climbed 20.2%, and housing inventory fell 10.1%. 

Geographically, trends varied widely, with formerly hot areas like Florida and the Southeast posting the deepest declines and formerly cool areas, like the Midwest, showing healthy gains.

However, DePaul University’s Institute for Housing Studies expects Illinois home sales to slide 1.6% between October and January. 

By region, sales rose in the Midwest, Northeast and South but fell in the West. 

At the same time, time on market jumped as inventory increased. 

The chief economist for the National Association of REALTORS® also predicts home prices will climb 4% compared to 2025. 

Nationwide, the median price for a single-family home increased 1.7% year over year to $426,800. Prices increased by the same annual rate during the second quarter.