Chicago and its surrounding suburbs are once again showing why it’s like no other when it comes to real estate. While other major markets across the U.S. are experiencing cooling prices or sitting on surplus inventory, The Chicagoland area is holding strong and even gaining ground. Prices are up, demand is high, and more buyers are seeing Chicago and the surrounding suburbs as a smart and secure place to call home.
Let’s talk numbers:
In May, home prices in the greater Chicagoland area climbed 5.5% year-over-year, with homes in the city itself seeing an 8% increase. We’re outpacing the national average by a wide margin, proof that confidence in our local market is real and growing. Even luxury properties are feeling the heat. Contracts on homes over $1M rose 7%, while available inventory for those properties dropped more than 26%. And sales for homes over $4M? Those are up a staggering 68% from this time last year!
Inventory remains tight.
If you’ve been following along with my updates, you know this isn’t new news, but it’s becoming even more pronounced. We’re sitting at about 1-2 months of inventory across the metro area. This means serious competition, multiple offers, and quick sales especially for well-priced, well-presented homes.
What’s driving all this?
Buyers today are looking at the North Shore not just for lifestyle, but as a smart long-term investment. With equity gains of roughly $100,000+ on average over the last 5 years, people are realizing that parking their money in real estate, especially in a city with access to fresh water and relative climate safety is a strategic move.
Population growth is back.
After years of slow or declining numbers, the Chicago suburban population is growing again, a sign of renewed confidence in the area’s future. People are drawn here for opportunity, culture, and stability. Plus, with our more moderate climate and protection from the natural disasters plaguing other regions, the Chicagoland area is increasingly seen as a “climate-safe” city.
The bottom line:
Chicago suburb’s market is resilient, competitive, and packed with opportunity, but it takes the right strategy to succeed. Whether you’re buying, selling, or simply exploring your options, let’s chat about what this market means for you. I’m always here to help you navigate with confidence and care.
