After two years of a seller's market that felt permanent, the spring numbers finally tell a different story. Inventory across our seven neighborhoods is up roughly a fifth year over year, and the average days-on-market has drifted from eight to fourteen.
For buyers, this is the most civilized market since 2019. Multiple offers are no longer automatic — well-priced homes still get them, but overpriced ones now sit long enough to invite negotiation. Inspection contingencies are back, and financing contingencies are rarely the deal-killer they were.
For sellers, the news is gentler than the headlines: Chicago remains a steady, liquid market, and well-staged homes in good condition are still selling at or near asking. What has changed is the margin for error. Pricing is no longer a suggestion, and first impressions matter more because buyers have options again.
The wildcard remains interest rates. Every quarter-point move shifts roughly four percent of affordability, and we are advising buyers who can to lock in early and refinance later rather than wait for a rate they may never see.
Our read: a normal market, finally. That is a good thing for almost everyone in it — if you price honestly, move promptly, and let your agent do the negotiating.
Put this to work.
Questions about your specific situation? A Hallow & Key agent replies within two hours.