The Dobbs Report – Chicago Real Estate Market Overview – May 2026
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May 2026 kept the spring market moving at a strong pace, even as new listing activity eased slightly from April. Active listings rose modestly to 1,759 from 1,717, giving buyers a bit more to consider, but not enough to significantly change the overall supply picture. New listings dipped to 1,923 from 2,088, suggesting that the surge of spring sellers cooled somewhat in May. Even so, inventory remains tight across the selected neighborhoods, and well-positioned homes are still drawing serious buyer attention.
That continued demand is showing up most clearly in market speed, closed sales, and pricing strength. Market time dropped again, to 35 days from 41 in April, while closed sales rose to 1,499 from 1,355, showing that buyers are continuing to act decisively when the right homes become available. The original list-to-closed ratio also increased to 102.7% from 102.3%, meaning many homes are still closing above their original asking price. Average closed price rose as well, to $693,460 from $659,960, while the average listing price softened slightly to $717,515 from $726,288. Overall, May continued the central spring story: a market with slightly more inventory, but still not enough supply to fully satisfy demand, creating a strong environment for sellers with attractive, well-prepared homes.
Chicago Homes – Dynamic Market Overview
| City | Num Active Listings | Avg Listing Price | Avg Price Reduction | Avg Days on Market | Avg Price per SqFt |
|---|---|---|---|---|---|
| Chicago | 2,392 | $484,059 | -6.6% | 202 | $208 |
| 2,392 | $484,059 | -6.6% | 202 | $208 |
| City | Num Active Listings | Avg Listing Price | Avg Price Reduction | Avg Days on Market | Avg Price per SqFt |
|---|---|---|---|---|---|
| Chicago | 11,120 | $541,833 | -4.7% | 83 | $323 |
| 11,120 | $541,833 | -4.7% | 83 | $323 |
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