10/14/2026
Illinois Housing Prices Hold Above Last Year
As someone who has navigated the ebb and flow of Chicago and Evanston real estate for two decades, I’m seeing a familiar story unfold this year: despite mortgage rates hovering around 7%, home prices in Illinois have remained resilient. In mid-Q3, Chicago’s median list price sat at $395K, and with active listings at just 15,100, limited inventory is still the name of the game. The number of homes for sale has dipped about 6% from last year, and properties are moving at a median pace of 36 days on the market—a clear sign that sellers hold the advantage.
What stands out statewide is just how slow our inventory has been to rebuild. Illinois continues to trail most of the country in new housing construction per capita, so buyers and investors face tough competition for the homes that do come to market. In my experience, especially in communities like Evanston, this supply crunch means every transaction requires a sharp eye and steady negotiation. These conditions are likely to shape our local market through late 2026, so for those looking to make their move, it’s more important than ever to understand your position and have a thoughtful approach.
