The Dobbs Report – Chicago Real Estate Market Overview – March 2026
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March 2026 brought a more decisive spring-market surge, with activity accelerating sharply even as inventory remains near historic lows. Active listings edged down slightly to 1,498 (from 1,502), but new listings jumped to 1,864 (from 1,498), under contract activity climbed to 1,433 (from 1,081), and closed sales rose to 1,153 (from 690), all pointing to a market that has clearly shifted into its busy season. The problem for buyers is that this surge in activity is not being matched by a meaningful expansion in supply, so competition remains intense and well-positioned homes can still attract multiple offers or bidding battles.
Pricing and deal terms also reflect a market gaining strength. The average listing price declined to $712,252 (from $739,756), but the average closed price rose to $670,765 (from $648,625), while market time dropped sharply to 55 days (from 74). Most notably, the original list-to-closed ratio increased to 100.9% (from 99.3%), a strong sign that desirable homes are not only selling quickly, but in many cases trading above asking. In practical terms, March showed a spring market with real momentum: still challenging for buyers due to scarce inventory and fast-moving competition, but increasingly favorable for owners bringing attractive, well-prepared homes to market.
Chicago Homes – Dynamic Market Overview
| City | Num Active Listings | Avg Listing Price | Avg Price Reduction | Avg Days on Market | Avg Price per SqFt |
|---|---|---|---|---|---|
| Chicago | 2,389 | $478,377 | -6.6% | 205 | $204 |
| 2,389 | $478,377 | -6.6% | 205 | $204 |
| City | Num Active Listings | Avg Listing Price | Avg Price Reduction | Avg Days on Market | Avg Price per SqFt |
|---|---|---|---|---|---|
| Chicago | 11,459 | $540,929 | -4.8% | 83 | $323 |
| 11,459 | $540,929 | -4.8% | 83 | $323 |
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