Is the housing market slowing down in Chicago, IL?
Yes — sales activity in Chicago, IL is down. 7,147 homes sold during May 2026, against 7,461 in the same months a year earlier, a drop of 4%.
This page is about how many homes changed hands, not what they cost. The two move separately: prices are set by the homes that did sell, and volume tells you how many people managed to transact at all. A market can hold its prices while activity quietly drains out of it.
The change clears both tests we require before naming a direction: it is more than 3% in relative terms, and it is larger than the ordinary month-to-month variation you would expect on a market that sells 7,147 homes at a time.
The longer view, all measured over the May window so the season is held constant: 7,819 homes sold two years ago, 7,461 last year, 7,147 now. Across two years the level has held roughly steady.
What is on the shelf next to what is selling: 19,846 homes were on the market in Chicago, IL, and 7,147 sold. At that pace it would take about 2.8 months to clear them all. There are more buyers than homes for sale. Sellers have the edge.
Every comparison on this page is to the SAME calendar months a year earlier, never to last month. Home sales roughly double between January and May in most of the country, so a month-over-month reading would tell you about the season and nothing about the market.
Source: Redfin's published market data for the Chicago, IL area, through May 2026.
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More about the Chicago, IL market
- When is the best month to sell a house in Chicago, IL?
- How long does it take to sell a house in Chicago, IL?
- Do homes sell above asking price in Chicago, IL?
- Are home prices going up or down in Chicago, IL?
- Is Chicago, IL a buyer's market or a seller's market?
- Are sellers cutting prices in Chicago, IL?
- What is the average home price in Chicago, IL?
- How many homes are for sale in Chicago, IL?
- All Chicago, IL housing numbers
Other markets
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- Is the housing market slowing down in Rockford, IL?
- Is the housing market slowing down in Springfield, IL?
- Is the housing market slowing down in Champaign, IL?
- Is the housing market slowing down in Bloomington, IL?
- Is the housing market slowing down in Carbondale, IL?
Figures come from Redfin's published market data for the Chicago, IL area, through May 2026. Neighborhood Numbers is an independent data publisher and is not affiliated with Redfin. We update these pages when Redfin publishes, once a month.