The Illinois housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Illinois stands at $286,900, reflecting a modest year-over-year increase of 1.3%. This indicates a relatively stable pricing environment for buyers and sellers alike.

Conversely, the Median List Price has surged to $334,900, marking a significant year-over-year increase of 12.1%. This disparity between sales and list prices suggests that sellers are optimistic about the market's potential, although the actual sales prices have not kept pace with these expectations.

The median Price Per Square Foot has risen to $188, a 7.2% increase from the previous year. Similarly, the Median List Price per square foot is now $202, up by 7.9% year-over-year. These figures indicate a steady appreciation in property values, which could be attributed to limited inventory and sustained demand.

In terms of sales activity, the number of Homes Sold remains unchanged from last year at 7,990 units. However, Pending Sales have decreased by 7.5%, totaling 10,721. This decline in Pending Sales may signal a cooling in buyer activity or potential challenges in closing transactions.

New Listings have decreased by 3.0% year-over-year, with 12,128 properties entering the market. Inventory levels have also contracted by 4.8%, now standing at 24,789 homes. The Months of Supply has dropped significantly by 20.0% to 3.1 months, indicating a tighter market with fewer available homes relative to demand.

The Median Days on Market for properties is 61 days, showing a slight increase of 1.0% from the previous year. This suggests that homes are taking marginally longer to sell, potentially due to the higher list prices or buyer hesitation.

The average sale to list ratio is 98.4%, a minor decrease of 0.1% year-over-year. Additionally, the percentage of Homes Sold above list price has declined by 2.0% to 29.6%. These metrics suggest that while sellers are achieving near-list prices, fewer transactions are exceeding the asking price compared to last year.

Price Drops have increased by 2.3%, affecting 15.6% of listings. This rise in price reductions may reflect sellers' adjustments to align with market realities. Furthermore, the percentage of homes going off-market within two weeks has decreased by 4.3% to 45.3%, indicating a slower pace in buyer decision-making.

Overall, the Illinois housing market in February 2025 is characterized by stable sales prices, rising list prices, and a contraction in inventory. While some metrics suggest a cooling trend, others indicate continued demand and value appreciation. Stakeholders should remain vigilant and adaptable to navigate this evolving market landscape.