THE BIG STORY: CHICAGO LEADS THE NATION Here’s the headline: Chicago is currently the highest appreciating major metro in the United States. While cities like Austin, Tampa, Phoenix, and Miami face inventory surpluses and declining prices, Chicago has emerged as the standout performer. Nationally, inventory hit 1 million active listings—the highest since 2019. Average days on market returned to a pre-pandemic normal at 63 days. Twenty percent of listings reduced prices. Builders are offering major incentives—41% cut prices, and Lennar devoted 14% of home prices to concessions. Zillow reported affordability reached a three-year high in 2025.
2 THE 2025 CHICAGO REAL ESTATE MARKET BRIEF & 2026 FORECAST
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