Chicago Housing Market & Real Estate Update: January Prices, Sales, and a Lakeview Proposal
Chicago, IL – February 26, 2026 – January sales slowed while prices edged up; mortgage rates hover near 6%, and a Lakeview project advances.
Chicago housing activity looked mixed heading toward spring. Prices were slightly higher than a year ago, but closed sales came in lower, and homes generally continued to take time to move.
Top takeaways
- Median sale price: about $355K in January (up 1.4% year over year).
- Homes sold: 1,206 in January (down 19.6% from last year).
- Typical market time: about 76 days (roughly flat year over year).
- A large North Side apartment proposal advanced at the Plan Commission level.
Market snapshot
Redfin’s January data also shows the median price per square foot at about $250 (up 1.6% year over year). That points to steady demand for well-priced, move-in-ready homes, even as buyers remain focused on monthly payment and overall affordability.
Development & financing watch
The city Plan Commission approved a 12-story, 188-unit apartment proposal near 3611 N. Halsted, including 38 affordable units; the project still needs City Council zoning steps. On the financing side, Freddie Mac’s weekly survey put the average 30-year fixed rate hovering near 6% in mid-February, keeping rate sensitivity front and center for both buyers and sellers.