As the 2nd largest county in the United States, Cook County, Illinois, is heavily synonymous with the Chicago housing market as we look at the early 2025 dynamic and robust activity, marked by rising inventory, competitive pricing, and relatively quick sales.
Inventory Growth and Bedroom Type Dynamics
April 2025 saw a notable increase in housing inventory across all bedroom categories. The total number of homes available rose by 11.7% month-over-month, from 3,828 in March to 4,277 in April. Breaking it down by bedroom count:
- 1-bedroom homes increased by 22.6%
- 2-bedroom homes rose by 18.3%
- 3-bedroom homes grew by 18.8%
- 4-bedroom homes jumped by 22.4%
- 5+ bedroom homes climbed by 20.2%
This broad-based inventory growth suggests a strengthening supply that could offer more choices to buyers across different household sizes.
Pricing and Sales Trends
Homes are commanding strong prices, with a median sale price around $337,000 as of February 2025, reflecting an 8.8% increase year-over-year. The median price per square foot also rose by 6.4% to approximately $239, indicating solid value appreciation.
Interestingly, the market remains highly competitive:
- 42.3% of homes sold above asking price last month
- 16% sold at asking price
- 41% sold below asking price
This distribution highlights a seller’s market environment where bidding wars are common, especially for well-priced properties.
Speed of Sales and Market Activity
Sellers are selling homes quickly due to rising demand. In April 2025, 75% of homes sold within 30 days, with only 9% taking longer than 90 days to sell. The average listing age has slightly decreased year-over-year to 29 days, down 2%, underscoring brisk market activity and buyer urgency.
The Market Action Index, a proprietary Altos Research metric that measures the balance between supply and demand, remains steady at 49, indicating a strong seller’s market. Inventory levels are rising. However, sellers continue to list homes quickly due to strong demand.
Property Value Assessments and Long-Term Trends
Cook County’s 2025 property assessments reveal a 6.2% average increase in property values, continuing a multi-year trend of rising valuations up 86% since 2019. While this year’s increase is more moderate than 2024’s, it reflects ongoing market strength. Some properties, particularly subdivided parcels and certain condos, have seen dramatic value jumps of over 100%, with some townhomes doubling in value within a year. Needless to say, these tax burdens are serious detractors for purchasers who can find competing properties with lower overall monthly costs of ownership.
In speaking with Todd last week about his premium condo, due to the building’s location in the South Loop, age of the building that drove up assessments (older and therefore higher assessments per square foot than new buildings), and property taxes, they’ve struggled to sell after a year as the combination of $40,000 in annual assessments and $40,000 in property taxes has scared off multiple buyers. This is NOT an isolated story. Continued growth in property taxes burdens property owners, and they seek out cost-effective alternatives, such as moving further away or leaving Illinois altogether.
Regional and Statewide Context
Looking beyond Cook County, the Chicago metropolitan area and Illinois at large are experiencing similar trends of rising prices and steady sales activity. The Chicago Metro Area saw home prices increase by 7.5% year-over-year in February 2025, with sales expected to rise seasonally by 2.6% from March to May. The City of Chicago itself is experiencing a 6.3% price increase but a slight decline in sales volume, reflecting localized market variations.
Summary for Buyers and Sellers
For Buyers: Expect a competitive market with many homes selling above asking price and within a month. Acting quickly and being prepared to negotiate above the list price can be crucial.
For Sellers: The market favors you with rising prices, strong demand, and relatively low inventory. Pricing your home strategically can attract multiple offers and quick sales.
Rising inventory creates opportunities for buyers and sellers across different regions. For instance, buyers can explore more options while sellers still benefit from high demand. This creates opportunities for both buyers and sellers across various regions. Want to see what $1 million can buy today? Check out our Housing Market 2025 post. It shows examples across cities and property types..
For authoritative data on market trends, visit the National Association of Realtors to see the latest insights.
Want expert guidance on navigating this market? Contact us today, and our team will help you make informed real estate decisions.
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