The Chicago, IL metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased to $345,000, marking a 3.0% rise year-over-year. This upward trend in sales prices is accompanied by a more significant increase in the Median List Price, which stands at $380,000, reflecting an 8.6% year-over-year growth. This indicates a widening gap between seller expectations and actual sale prices.

In terms of Price Per Square Foot, the median price has risen to $214.55, a 7.1% increase from the previous year. Similarly, the Median List Price per square foot has climbed to $232.07, up by 6.3% year-over-year. These figures suggest a robust demand for housing, despite the challenges in the market.

However, the number of Homes Sold has decreased slightly by 1.4% year-over-year, with 4,402 Homes Sold in February 2025. Pending Sales have also seen a decline, dropping by 6.6% to 6,665. This reduction in sales activity could be attributed to the limited inventory, which has decreased by 6.8% year-over-year to 15,340 homes. The Months of Supply have also contracted significantly, down by 20.0% to 3.5 months, indicating a tighter market.

New Listings have remained relatively stable, with a marginal increase of 0.1% year-over-year, totaling 7,580. The median days on the market have slightly increased by 1.0% to 66 days, suggesting that homes are taking a bit longer to sell compared to last year.

The average sale to list ratio remains unchanged at 99.1%, indicating that homes are generally selling close to their list prices. However, the percentage of Homes Sold above the list price has decreased by 1.9% to 33.6%, reflecting a potential cooling in competitive bidding. Price Drops have increased by 2.7% to 13.7%, suggesting that sellers may be adjusting their expectations in response to market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 4.4% to 45.1%, indicating a slight slowdown in the pace at which homes are being snapped up by buyers.