Local Housing Market Update - August 2025
The Chicagoland housing market in August 2025 reflected slower buyer activity alongside continued price growth. Inventory remained tight, while longer market times signaled a more deliberate pace for transactions.
Market Snapshot
- Closed sales declined year over year across detached and attached homes
- Median prices increased for both property types
- New listings fell compared to last August
- Market times lengthened modestly
- Inventory remained limited with low months of supply
Pricing and Value
Home prices continued to rise despite slower overall sales activity.
| Metric | Value |
|---|---|
| Median Sales Price (Detached) | $382,500 (+8.8% YoY) |
| Median Sales Price (Attached) | $302,004 (+5.2% YoY) |
| Average Sales Price (Detached) | $468,625 (+9.3% YoY) |
| Average Sales Price (Attached) | $369,490 (+3.6% YoY) |
Market Speed and Competition
Homes took slightly longer to sell compared to last year.
| Metric | Value |
|---|---|
| Median Market Time (Detached) | 38 days (+11.8% YoY) |
| Median Market Time (Attached) | 37 days (+2.8% YoY) |
| Percent of List Price Received | Approximately 99% |
Supply Snapshot
Inventory levels declined further, keeping supply constrained.
| Metric | Value |
|---|---|
| Inventory of Homes for Sale (Detached) | Down 3.6% YoY |
| Inventory of Homes for Sale (Attached) | Down 5.3% YoY |
| Months Supply (Detached) | 2.0 months |
| Months Supply (Attached) | 1.8 months |
Market Activity
Buyer demand softened, with fewer sales and contracts.
| Metric | Value |
|---|---|
| Closed Sales (Detached) | 6,589 (-5.8% YoY) |
| Closed Sales (Attached) | 3,316 (-6.1% YoY) |
| New Listings (Detached) | 9,044 (-10.0% YoY) |
| New Listings (Attached) | 4,638 (-6.8% YoY) |
What This Means for Sellers
- Pricing remains strong but requires realistic expectations
- Homes may take longer to secure a contract
- Well-prepared listings continue to attract buyers
What This Means for Buyers
- Limited inventory continues to restrict choices
- Slower pace may allow more time for decisions
- Competition remains present in well-priced segments
Deeper Market Data
Lender-mediated sales accounted for approximately 1.8% of total closed transactions, with total lender-mediated activity down year over year. Median prices for traditional sales rose while distressed sales remained a small share of the market.
Ray’s Notes
[Add local insights and commentary here]
Midwest Real Estate Data LLC (MRED), InfoSparks, residential sales, pricing, inventory, market time, lender-mediated activity, Chicagoland, August 2025.