For those who are financially prepared and have a clear home-buying goal, the answer is a resounding “yes.” Here’s a breakdown of what’s going on in Illinois real estate right now:
1. The Market Is Shifting—More Homes, Less Competition
In June 2025, there were 48,800 homes for sale in Illinois, a 5.0% increase from last year. Home prices surged 10.1%, reaching an average of $328,600. Moreover, approximately 45% of homes were sold for above the asking price.
However, the market is cooling off compared to its crazy peak from a few years ago. So, you have more time to think before making offers. With more homes available, competition is less intense, which makes it easier for you to negotiate better deals.
2. Chicago’s Market: Steady Growth Despite Slower Sales
The Chicago housing market remains strong, even while other cities face challenges. The city remains an attractive destination for young professionals seeking vibrant urban living and diverse job opportunities. Areas such as Logan Square and Bronzeville are experiencing growth.
In June 2025, Chicago’s home sales experienced a 4.0% increase, reaching 2,669 transactions, while the median home price rose to $402,000, representing a 4.4% year-over-year increase. This consistent growth, coupled with its relative affordability compared to major coastal cities, ensures a steady influx of new residents.
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3. Interest Rates Are High, But There’s Hope on the Horizon
Recently, high borrowing costs kept many buyers on the sidelines. However, as inflation eases, mortgage rates are expected to decline. This will encourage buyers to return to the market. Those who wait for the interest rates to drop will likely secure better deals when buying their new homes.
4. Negotiating Power Is Back in the Buyer’s Hands
The balance of power in the Illinois housing market has decisively shifted. With one in five homes across Illinois experiencing a price reduction, buyers now hold significant leverage. The frenzied days of waiving inspections and bidding above asking price are over. You are now in a stronger position to negotiate better terms than you’ll find in recent years.
With fewer bidding wars, the negotiation process has become considerably easier. To capitalize on this, ensure you thoroughly interview real estate agents, secure mortgage pre-approval, and conduct in-depth research on the local market before making an offer. The more prepared you are, the better your chances of finding a great deal.
How Do Tech Tools Make It Easier to Find Your Dream Home?
If you’re serious about buying in 2025, leveraging smart technology can save you time and money. The real estate landscape is shifting, and with the right tools, you can navigate it like a pro.
One such tool is the Houzeo mobile app, America’s best property search app. When looking for homes for sale in Illinois, Houzeo allows you to effortlessly filter through thousands of listings to match your exact criteria—whether it’s space requirements, desired amenities, or a specific budget.
Is It a Good Time for Prepared Buyers?
If you’ve done your homework and are financially ready, now is an excellent time to buy a house in Chicago. The market has shifted from the crazy bidding wars of the past to more balanced sales. If you’re patient and prepared, you can find deals you wouldn’t have seen last year.