They Say the U.S. Is in a Historic Buyer’s Market—but What About Chicago?

Recent analysis suggests that the U.S. housing market has entered one of the strongest buyer’s markets on record.

According to a September 10, 2026 article from Redfin, in August there were 58% more sellers than buyers across the U.S. That was the largest gap Redfin has recorded since it began tracking this data.

The number of homes for sale nationwide also reached its highest level in six years, while 59.5% of homes that sold closed below their original listing price. About 21% of current listings have had a price reduction.

Looking at these numbers alone, it may seem like the entire U.S. housing market has completely shifted in favor of buyers.

But real estate is never simply a “national market.”

You have to look at the local market.

The Chicago Market Is Different

According to the same Redfin data, the median home sale price in the Chicago area increased 5.0% year over year in August.

Pending sales increased 2.5%, while closed sales also increased 1.8%.

Even more importantly, the number of homes for sale in the Chicago area was down 0.5% from a year ago—the opposite of what we are seeing nationally, where inventory has increased significantly.

The percentage of homes selling below their original listing price was also lower in Chicago: 48.9% compared with 59.5% nationwide.

In other words, while buyers across the country are gaining more choices and negotiating power, the Chicago market continues to have relatively limited inventory, and home prices are still rising.

But Well-Maintained Homes in Desirable School Districts Are a Different Story

What I’m seeing in the market firsthand is not far from what the data suggests.

Homes that are poorly maintained or overpriced can sit on the market for an extended period and eventually require a price reduction.

But when a well-maintained home in a desirable school district is priced appropriately, it can still attract multiple offers.

In areas popular with Korean-American buyers—such as Naperville, Northbrook, Glenview, Buffalo Grove, Vernon Hills, Schaumburg, and Palatine—market conditions can vary significantly even within the same neighborhood depending on the property's location, condition, and price.

That’s why both of these assumptions can be risky:

“It’s a buyer’s market, so I can negotiate any price I want.”

and

“Chicago home prices are still rising, so I can list my home at any price and it will sell.”

Neither is necessarily true.

What Opportunities Are There for Buyers?

Compared with the spring and summer, there may be fewer competing buyers in the market right now.

For homes that have been sitting on the market or have already had a price reduction, buyers may have more room to negotiate—not only on price, but also on closing dates, repairs, seller credits, and other terms.

However, if a desirable home in a popular school district comes onto the market at a fair price, submitting an extremely low offer simply because the national market is slower could mean missing out on a great opportunity.

The goal for buyers is not simply to negotiate the lowest possible price.

It is to understand which homes are worth waiting on and which homes require you to act quickly.

The Initial Listing Price Matters Even More for Sellers

As buyers gain more choices, one of the most important things a seller can do is establish a realistic price from the beginning.

It may be tempting to start high and reduce the price later, but a home that sits on the market for too long can create the impression that there is something wrong with the property.

Eventually, you may end up accepting a lower price than you would have received by pricing the home correctly from the start.

On the other hand, a home with a desirable location and strong condition, priced appropriately based on current market data, can still attract significant buyer attention—even in a slower market.

The Bottom Line: It’s Not the U.S. Market—It’s Your Neighborhood

The U.S. housing market is becoming increasingly favorable to buyers overall.

But that does not mean Chicago and its major suburbs are moving in exactly the same direction.

Even within the same city, completely different market conditions can exist depending on the school district, property type, price range, and condition of the home.

If you're planning to buy or sell, don't make your decision based solely on national headlines.

For a more accurate picture, you need to analyze actual closed sales, current competing listings, and recently accepted contracts in your specific area.

If you're considering buying or selling in the Chicago area, feel free to reach out. I can help you understand the market conditions specific to your neighborhood and property and develop a realistic strategy.

ChicagoBDB LLC

Chicago Real Estate

Illinois Residential · Commercial · Business