Chicago Home Prices Jump 4.7% to $398,500 This Quarter

Chicago residential prices posted a 4.7 percent rise in the second quarter of 2026 compared with the same months in 2025, according to Multiple Listing Service figures released this week.

The increase arrives as mortgage rates stabilized near 6.3 percent and inventory remained tight in core neighborhoods. Local buyers who waited through spring now face fewer listings at the lower price points that dominated last summer, pushing some households to close faster on properties listed between $350,000 and $450,000.

North Side Corridors Drive Volume

Activity concentrated along North Clark Street in Lake View and around the intersection of Milwaukee and Division in Wicker Park. The Chicago Association of Realtors reported 312 closed transactions in those two zip codes alone during the quarter, up from 289 in the prior year period. Properties within two blocks of the 606 trail in Logan Square also cleared faster, with days on market averaging 18.

Developers tied to the city’s Affordable Housing Opportunity Fund completed 47 units near the former A. Finkl & Sons site on Clybourn Avenue, adding modest supply that sold at an average of $312 per square foot.

Median prices in the two zip codes reached $465,000, a $21,000 lift from the second quarter of 2025. Single-family homes on West Webster Avenue in Lincoln Park accounted for eight of the top ten sales in the neighborhood, each closing above $1.1 million.

Data Snapshot and Buyer Outlook

Citywide, the median price per square foot climbed to $298 in Q2 2026 from $285 one year earlier. The 4.7 percent year-over-year quarterly gain outpaced the 2.1 percent sequential increase from the first quarter of this year. Homes listed under $400,000 moved in an average of 22 days, while those above $600,000 took 47 days.

Prospective buyers should review updated listings on the Multiple Listing Service before the August school-year rush and contact lenders about rate-lock options available through the end of July. Checking property tax estimates through the Cook County Assessor’s online portal remains a required step before offers.