Chicago, IL metro area Housing Market Brief
metro · IL · score computed October 2026
What is Chicago, IL metro area’s Alpha Score?
The Alpha Score is a composite 0–100 index of market strength, a weighted blend of five dimensions. See the methodology.
Where is Chicago, IL metro area in its market cycle?
Chicago, IL metro area is classified as Declining — cooling, with scores declining over recent months. This is a classification of recent (1–12 month) momentum, not a price forecast.
What’s the forecast for Chicago, IL metro area?
Metro-level forecasts are paused (since Oct 18, 2026). The new public-data model we built to replace them didn't pass our accuracy test, and we won't publish forecasts again until a model does.
Chicago, IL metro area housing market data
| Metric | Value | YoY | Source |
|---|---|---|---|
| Median Sale Price | $381K | ▲ +5.9% | Redfin |
| Median Days on Market | 55 days | ▲ +1.9% | Redfin |
| Months of Supply | 3.1 | 0% | Redfin |
| Homes for Sale | 18,125 | ▼ -3.5% | Redfin |
| Homes Sold | 6,098 | ▼ -2.3% | Redfin |
| Median Price / Sq Ft | $235 | ▲ +4.5% | Redfin |
How has Chicago, IL metro area’s Alpha Score moved?
Markets like Chicago, IL metro area
- Chicago-Naperville-Elgin, ILmetro40
- New Haven, CT metro area, CTmetro35
- Norwich, CT metro area, CTmetro36
- Hartford, CT metro area, CTmetro39
- Poughkeepsie, NY metro area, NYmetro
- Niles, MI metro area, MImetro45
- Grand Rapids, MI metro area, MImetro44
- Rochester, MN metro area, MNmetro54
- Farmington, NM metro area, NMmetro37
- Winchester, VA metro area, VAmetro52
Frequently asked questions
Is Chicago, IL metro area a buyer's or seller's market?
In the scores computed October 2026, Chicago, IL metro area is classified as a Balanced Market, based on its Alpha Score of 46 out of 100. It is based on the 4 of five dimensions we can measure for this market — price, affordability, economic, and rental-yield — whose weights are scaled up to cover the whole score. The rest are not measured here and are left out rather than filled in with a placeholder.
Are home prices rising or falling in Chicago, IL metro area?
The median sale price in Chicago, IL metro area is $381K, having risen 5.9% over the past year, according to Redfin.
How affordable is Chicago, IL metro area?
Chicago, IL metro area scores 34 out of 100 on affordability — relatively unaffordable relative to local incomes and prevailing mortgage rates compared with other metros.
What's driving Chicago, IL metro area's Alpha Score?
Chicago, IL metro area's strongest dimension is Price Momentum (84/100) and its weakest is Economic Strength (21/100). The Alpha Score is a weighted blend of five dimensions; 4 of them have data for this market.
Want the live, interactive view of Chicago, IL metro area? Open the full market dashboard — charts, ZIP-level drill-down, and watchlist tracking. Explore the map or read the methodology.