Chicago’s housing market stayed competitive for buyers in July, with fewer listings available compared to the same time last year.
“Chicago is a standalone in that inventory is not accumulating,” Zillow Senior Economist Kara Ng said.
Elsewhere in the country, Ng said, inventory is accumulating and the market has become less competitive.
Chicago is the only metro area among the top 50 in the country to see a year-over-year inventory decline with the number of homes for sale dropping 21.8% compared to July 2024, according to data provided by Zillow. New listings declined by 19.8%, to 1,975 listings.
Ng said the lack of new inventory may be linked to a lack of job mobility.
“Layoffs aren’t bad, but people aren’t hiring and people also aren’t quitting,” she said. “When people are not moving jobs, they’re less likely to move locations, less likely to buy a new home.”
The Chicago Association of Realtors released its July report earlier this month and said the median sales price in Chicago was $375,000, a 4.2% year-over-year increase but a 6.25% decline from the previous month.
Ng expects home prices will continue to remain higher than last year due to the shortage of available homes.
“If you have fewer homes available for sale [but] the same amount of people are competing … competition is going to be hot,” she said.
The Sun-Times checked to see what a person could buy at Chicago’s median sales price. Here are five listings at $375,000, according to Redfin data.
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Courtesy of Baird & Warner
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Courtesy of Baird & Warner
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Courtesy of Baird & Warner
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Courtesy of Baird & Warner
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Courtesy of Baird & Warner
5000 N. Glenwood Ave., #3, Uptown
Price: $375,000
HOA: $333/month
Size: Square footage not listed, 2 bedrooms/1 bath
Built: 1915
Agent: Lyn Harvie of Baird & Warner
The top-floor, two-bedroom corner unit has a living room fireplace and dining nook. The condo also has a private outdoor space. There is a private storage room and deeded parking space included in the price. The property last sold in 2017 for $280,000.
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Courtesy of @properties Christie’s International Real Estate
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Courtesy of @properties Christie’s International Real Estate
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Courtesy of @properties Christie’s International Real Estate
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Courtesy of @properties Christie’s International Real Estate
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Courtesy of @properties Christie’s International Real Estate
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Courtesy of @properties Christie’s International Real Estate
2322 W. Farwell Ave., Unit 1W, West Ridge
Price: $375,000
HOA: $475/month
Size: 2,000 square feet, 3 bedrooms/2 baths
Built: 1927
Agent: Michael Slingerland of @properties Christie’s International Real Estate
Built by the late architect and developer Emma Kennett, the three-bedroom condo has hardwood floors, a formal dining room, living room with a decorative fireplace and a private back porch and shared yard. Storage space is in the basement, and each unit has its own washer and dryer. The condo last sold in 2017 for $222,000.
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Courtesy of Berkshire Hathaway HomeServices Chicago
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Courtesy of Berkshire Hathaway HomeServices Chicago
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Courtesy of Berkshire Hathaway HomeServices Chicago
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Courtesy of Berkshire Hathaway HomeServices Chicago
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Courtesy of Berkshire Hathaway HomeServices Chicago
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Courtesy of Berkshire Hathaway HomeServices Chicago
100 E. Huron St., #2807, Streeterville
Price: $375,000
HOA: $915/month
Size: 965 square feet, 1 bedroom/1.5 baths
Built: 1991
Agents: Morgan Sage and Christian Chacon of Berkshire Hathaway HomeServices Chicago
The high-rise unit has an updated open-concept kitchen with new cabinets, quartz countertops and custom tile backsplash. The living room has floor-to-ceiling windows and refinished hardwood flooring. The primary bedroom has new carpeting, floor-to-ceiling windows, walk-in closet with custom built-in shelves and ensuite bath with a deep soaking tub. There’s an in-unit washer and dryer, additional closet space, a half bath and remote control honeycomb shades. Building amenities include 24-hour door staff, attached indoor rental garage parking, indoor pool, sauna, spa and fitness center. There’s also a sun deck terrace with gas grills. Other amenities include a party room with a prep kitchen, on-site cleaners and bike room. The unit last sold in 2015 for $382,000.
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Courtesy of Compass
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Courtesy of Compass
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Courtesy of Compass
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Courtesy of Compass
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Courtesy of Compass
4583 N. McVicker Ave., Portage Park
Price: $375,000
Size: 1,900 square feet, 4 bedrooms/2.5 baths
Built: 1949
Agent: Ted Kuhlmann of Compass
The brick home has been owned by the same family since it was built in 1949, according to listing details. The four-bedroom property received recent updates, including a complete roof replacement in 2024, new patio and sidewalk, front and back stairs, gutters and downspouts. It also has a finished basement, wood paneled walls and a washer and dryer in the basement.
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Courtesy of Keller Williams ONEChicago
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Courtesy of Keller Williams ONEChicago
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Courtesy of Keller Williams ONEChicago
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Courtesy of Keller Williams ONEChicago
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Courtesy of Keller Williams ONEChicago
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Courtesy of Keller Williams ONEChicago
4422 N. Ashland Ave., Unit G, Uptown
Price: $375,000
HOA: $446/month
Size: Square footage not listed, 2 bedrooms/2 baths
Agent: Dennis Huyck of Keller Williams ONEChicago
The two-bedroom condo has an open floor plan with hardwood floors. The kitchen has cherry cabinets, granite countertops and stainless steel appliances. The primary bedroom has an ensuite bath with subway tile and a new vanity, toilet and shower shelves. There’s also a private outdoor terrace, in-unit laundry, parking space that’s included in the price and individual HVAC. The unit previously sold in 2018 for $250,000.