Chicago housing shortage pushes home prices higher

Home prices in Chicago rose 13% in July from a year ago, reaching a median of $425,000, while suburban prices increased nearly 7% to $401,000. Chicago led the nation in annual median price growth among major markets. Despite higher prices, the city remains more affordable than many large cities. Limited inventory, down 56% since 2019, keeps the market competitive, with homes selling faster than the national average.