Springfield, IL (CAPITOL CITY NOW) – Illinois median home prices moved higher in August while home sales and available inventory were slightly lower than the year before, according to data from Illinois REALTORS.
In August 2025, statewide home sales (including single-family homes and condominiums) of 12,560 homes sold was 3.5 percent lower than 13,016 sold in August 2024.
The 22,052 homes available for sale statewide in August were 0.7 percent less than the 22,197 homes available in August 2024. The monthly median price of $315,000 in August 2025 was 6.8 percent more than $295,000 in August 2024. The median is a typical market price where half the homes sold for more and half sold for less.
“August numbers highlight the push and pull of today’s market. In Chicago, closed sales fell by nearly 10 percent, yet prices rose 5.9 percent to a median of $376,000. Across the metro area, sales dipped 4.3 percent while prices rose 5.6 percent to $375,000. Statewide, closings decreased by 3.5 percent, but Illinois still reported a strong 6.8 percent price gain, reaching $315,000,”said Tommy Choi, Illinois Realtors 2025 President and co-founder and owner of Weinberg Choi Residential at Keller Williams ONE Chicago in a press release. “The message is clear: demand remains steady, and tight inventory is fueling price growth. For buyers, it means moving fast and being well-prepared. For sellers, it’s a market that continues to reward realistic pricing and strong presentation.”
The median price of a home in the Chicago metro area of $375,000 in August 2025 was 5.6 percent greater than the $355,000 in August 2024.
“IHS’s three-month forecast projects that Illinois home sales will decline by nearly 5 percent between September and November compared to the same period last year. While home prices are expected to follow typical seasonal patterns and dip in early fall, they are projected to remain strong overall ending November nearly 12 percent higher year-over-year,” said Geoff Smith, Executive Director, Insitute for Housing Studies at Depaul University in Chicago. “In August 2025, single family inventories marked their 16th consecutive month of year-over-year growth, but Illinois still shows the slowest recovery to pre-pandemic inventory levels in the country, continued price increases, even amid broader economic uncertainty, underscore how persistent tight supply is shaping affordability conditions across the state.”
Based on the Freddie Mac data, the monthly average commitment rate for a 30-year, fixed-rate mortgage was 6.59 percent in August 2025, down from 6.72 percent from the month before and up from the August 2024 average of 6.5 percent.
Find Illinois housing stats, data and the latest forecast from the Institute for Housing Studies at DePaul University.
