Mitir Patel/Insights/September 25, 2026
Rates are over 7%, and Chicago has fewer homes for sale
Mortgage rates are still just over 7%. The average 30-year rate was 7.03% in Freddie Mac's September 24 survey.
The newer news is about how many homes you can choose from. In August, the Chicago area had about 6% fewer homes for sale than a year earlier, and about 7.5% fewer new listings came on the market.
With fewer choices, city sellers haven't had to give much ground. In Redfin's August figures, nearly half of Chicago homes sold for more than the asking price, and only about one in six homes for sale had a price cut.
So don't count on higher rates pushing down the price of a home you love. Before you tour, settle on the most you'd pay and what that monthly payment looks like. Then you can move quickly or walk away calmly.
Want help working out that number? I'm glad to talk it through.
Where the numbers come from
- 30-year fixed mortgage rate — 7.03% (prior week 6.95%, year ago 6.30%) (as of Week of Sept 24, 2026 (latest release; next is Oct 1)) · Freddie Mac Primary Mortgage Market Survey
- Homes for sale, Chicago area — 15,130 active listings, down 6.0% from 16,102 a year earlier (as of August 2026) · Realtor.com Housing Inventory, Chicago-Naperville-Elgin metro
- New listings, Chicago area — 8,780, down 7.5% from 9,496 a year earlier (percentage computed from the two counts) (as of August 2026) · Realtor.com Housing Inventory, Chicago metro
- Share of city homes sold above asking — 49.3% (+7.1 points from a year earlier) (as of August 2026) · Redfin, Chicago Housing Market
- Share of city homes for sale with a price cut — 16.8% (−2.4 points from a year earlier) (as of August 2026) · Redfin, Chicago Housing Market
Thinking about buying or selling in Chicago?
These notes are the plain-language version of what I watch every week. If you want it applied to your own budget, your block, or your building, send a note — no pressure and no pitch.
Ask me a questionSee current listings