A Chicago guide for first-time buyers · Updated October 6, 2026 How we check facts

Chicago Home Prices, Summer 2026: What First-Time Buyers Should Know

The median home price in the City of Chicago reached $425,000 in July 2026, up 13% from $375,000 a year earlier, according to Illinois REALTORS data. Homes are still scarce: about 23,000 were for sale across the Chicago metro area this summer, less than half the roughly 54,000 in summer 2019.

Last reviewed September 28, 2026 · Chicago First Time Home Buyer editorial team

The numbers

MeasureAreaFigurePeriod
Median sale priceCity of Chicago$425,000, up 13% year over yearJuly 2026
Median sale price9-county Chicago metro$401,000, up nearly 7%July 2026
Homes for saleChicago metroAbout 23,000, down 56% from summer 2019Summer 2026
Median sale priceCook County$383,716, up 5.1%August 2026
Median days on marketCook County51 daysAugust 2026
Homes sold above list priceCook County43.2%August 2026
Months of supplyCook County3August 2026

What it means if you are buying your first home

  • Get pre-approved before you tour. With about three months of supply and more than 4 in 10 Cook County homes selling above list, sellers expect ready buyers.
  • Line up assistance early. The City’s HomeGrown grant of $10,000 to $70,000 and IHDA’s IHDAccess Home of up to $15,000 require homebuyer education and program lenders, which take time.
  • Look past the median. Prices vary widely by neighborhood and property type. Townhomes saw the biggest inventory increase this summer.

Common questions

What is the median home price in Chicago in 2026?

$425,000 in the City of Chicago in July 2026, according to Illinois REALTORS. Across Cook County, the median was $383,716 in August 2026, according to Redfin.

Why do the city and county figures differ?

They cover different areas and months and come from different data sources. Compare figures from the same source over time rather than mixing them.

Sources

  1. Axios Chicago, Chicago home prices July 2026 (Illinois REALTORS and Homes.com data)
  2. Redfin, Cook County housing market update, August 2026
  3. Illinois REALTORS, market statistics