Illinois Real Estate Market Snapshot: What Buyers and Sellers Need to Know

The Illinois real estate market is shifting, and both buyers and sellers should pay close attention to what’s happening. From increased inventory to changing buyer demand, here’s a quick look at the current snapshot:

Inventory Is On the Rise

Active listings are up about 12% year-over-year, which means buyers now have more negotiating power than they did a year ago. For sellers, this translates to more competition — pricing and presentation matter more than ever to stand out in today’s market.

Mortgage Rates Trending Down

After peaking earlier this summer, mortgage rates have started to pull back slightly. This dip has sparked renewed buyer activity and even some refinance opportunities for homeowners looking to save on monthly payments. Lower rates could continue fueling momentum as we move into fall.

Buyer Demand Is Shifting

Not all homes are moving at the same pace. Properties in top-rated school districts and commuter-friendly suburbsare still in high demand, often selling quickly. In contrast, urban condos are taking longer to move — the average days on market for Chicago condos is now around 46 days compared to 35 last year.

First-Time Buyers Are Entering the Market

According to the National Association of Realtors, 32% of recent buyers were first-time homeowners. Programs like the new 1% down payment option are making homeownership more attainable for this group.

Affordability Boost

To put this into perspective, a buyer purchasing a $300,000 home only needs $3,000 out of pocket with the 1% down program, compared to $15,000 on a traditional 5% down loan. That difference is opening doors for many families who previously thought buying wasn’t within reach.

Final Thoughts

The Illinois market is offering opportunities on both sides. Buyers are gaining leverage with more inventory and better loan programs, while sellers in desirable locations can still expect strong demand. The key is understanding where your property stands in today’s shifting landscape.

If you’re thinking about buying or selling, now’s the time to explore your options with an experienced agent who understands how to navigate this market.

📞 Frank Campobasso – Realtor®
Century 21 Circle
773-425-6265