Monthly Housing Update Feb 2025

Happy Friday!

Check out what’s happening in our housing market this month!

If you prefer reading, here are the cliff notes ⬇️

🏡 Home prices are up 8.8% compared to last year, with the median sales price for a detached single-family home at $370K.

📉 Inventory remains low with a 2.3-month supply, keeping the market in favor of sellers—though some neighborhoods in Chicago are shifting toward a buyer’s market.

💰 Mortgage rates are sitting at 7%, and with inflation and a strong job market, we’re not expecting a drop anytime soon.

Hope this was helpful!

John Sintich, Realtor® 

Keller Williams Preferred Realty

708-612-0644