Chicago’s spring real estate market is warming up. The median sales price in the city for April reached $310,000, up from $290,700 in March. Condo sales fetched a higher median price of $328,250, up from $312,500 in March. Although year-over-year price increases are less drastic compared to years past, there’s nonetheless a slight upward trend. The median home in Chicago sold for 0.8 percent more in April compared to one year ago.

Although prices are holding steady, residential sales are dwindling on an annual scale. Sales were down 4.1 percent year-over-year in April. But closed sales jumped 22.7 percent between March and April. In the condo market alone, April sales were up 0.1 percent year-over-year and 22 percent month-over-month. These significant monthly increases show just how much Chicago’s real estate market picks up as the spring season progresses, even with a slower overall market compared to 2018.

Median days on the market in Chicago, or the time it takes to sell a home from listing date to going under contract, was 31 days, an increase from 29 days last year. Still, homes sold far faster in April than they did in March when the median time on the market hit 70 days. The time it takes to sell a condo hit 25 days, up from 22 days last year and down from 67 days in March.

How much does it cost to buy a home in Chicago?

Is the Chicago real estate market softening?

In short, no. While there are some indicators that buyers in Chicago’s hottest neighborhoods might have more options (and more time to decide on which home to buy), sellers mostly still have the upper hand.

Take a look at how sales activity in April for each major Chicago neighborhood compares to the same month last year:

The Loop, Chicago

• Home prices down 8.4%
• Closed sales down 20.9%
• Market time up 33.3%
• New listings up 37.6%

West Loop, Chicago

• Home prices down 4.7%
• Closed sales down 15.9%
• Market time down 12%
• New listings up 62.8%

South Loop, Chicago

• Home prices up 8%
• Closed sales down 21.1%
• Market time up 35.5%
• New listings up 46.2%

River North, Chicago

• Home prices up 10.8%
• Closed sales flat
• Market time up 68.2%
• New listings down 15.7%

Gold Coast/Streeterville, Chicago

• Home prices down 16.5%
• Closed sales up 1.9%
• Market time up 25%
• New listings down 3.7%

Old Town, Chicago

• Home prices up 8.1%
• Closed sales down 39.8%
• Market time up 177.8%
• New listings down 3.6%

Lincoln Park, Chicago

• Home prices down 1.5%
• Closed sales up 24.3%
• Market time down 7.4%
• New listings up 19.4%

Lakeview, Chicago

• Home prices down 11.3%
• Closed sales up 0.7%
• Market time down 4%
• New listings up 3.4%

Logan Square/Bucktown, Chicago

• Home prices up 8.5%
• Closed sales up 31.3%
• Market time up 84.6%
• New listings down 3.2%

West Town/Wicker Park, Chicago

• Home prices down 0.5%
• Closed sales up 4%
• Market time flat
• New listings up 17.3%

Avondale/North Center, Chicago

• Home prices up 13.1%
• Closed sales down 1.8%
• Market time up 115.4%
• New listings up 11.1%


In about half the near downtown neighborhoods, home sales prices increased compared to last year. Avondale and North Center saw home prices jumped notably over the last year. The same goes for River North, mostly driven by condo sales due to its high-rise landscape. Meanwhile, the steepest price decline occurred in Gold Coast and Streeterville. The West Loop saw the second largest year-over-year median sales price drop.

Home sales trends also varied greatly depending on the community. In Logan Square/Bucktown and Lincoln Park, home sales were up 31.3 and 24.3 percent, respectively. But in the Loop and Old Town, sales fell significantly compared to last year – down 20.9 and 39.8 percent, respectively.

Homes are sitting longer this spring in most neighborhoods, particularly Old Town, North Center/Avondale and Logan Square/Bucktown. Both of these neighborhoods also had a year-over-year increase in sales prices, so it’s possible that the inventory this spring is more expensive and inherently slower to sell.

Most neighborhoods had more new listings this April, except for Logan Square/Bucktown, Old Town, and River North. Those three with fewer new listings also saw increasing home prices, following standard supply and demand trends – less inventory motivates price increases. Gold Coast and Streeterville also had fewer new listings this April, and despite a drop in the median sales price, saw more sales on an annual scale.

In a way, it’s a good time for both buyers and sellers in Chicago. Anecdotally, homes are sitting longer – especially in hot neighborhoods like West Loop. As discussed in previous market reports, a combination of fluctuating interest rates and property tax hikes could be to blame for the market’s cooling off. But, with rent prices near downtown Chicago getting even more expensive by the day, we’ve seen renters make the switch rather quickly. There’s still steady demand.

We can help you calculate a rent vs buy scenario to determine which option is more financially beneficial for you personally. Call Z Chicago at 312-810-2295 to learn more.