Mitir Patel/Insights/September 28, 2026
Chicago has 23% fewer homes for sale than a year ago
The big story in Chicago right now is how few homes are for sale.
In August, the city had 3,541 homes on the market, down 23% from a year earlier, according to Illinois REALTORS®. The median sale price was $405,000, up 8%.
Mortgage rates haven't made it easier. The average 30-year rate was 7.03% in Freddie Mac's September 24 survey.
For a buyer, that means fewer homes to choose from, and prices that are still rising even with rates above 7%. It may also take longer to find the right place, and that's okay.
Rushing isn't the answer. Being ready is. Get a pre-approval at today's rate, know the highest monthly payment you're comfortable with, and decide ahead of time what you can live without. Then when the right home shows up, you can move without second-guessing.
Want help making that list? I'm happy to talk it through.
Where the numbers come from
- Homes for sale, City of Chicago — 3,541, down 23.3% from 4,616 a year earlier (as of August 2026 (report current as of Sept 8, 2026; published Sept 22)) · Illinois REALTORS®, Monthly Local Market Update, City of Chicago, August 2026
- Median sale price, City of Chicago — $405,000, up 8.0% from $375,000 (as of August 2026) · Illinois REALTORS®, same report
- 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
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.
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