Illinois Housing Market Update: What Buyers and Sellers Need to Know in May 2026
Illinois Housing Market Update: What Buyers and Sellers Need to Know in May 2026
The Illinois housing market in 2026 is still moving, but it is moving differently depending on whether you are buying or selling. Here is where things stand right now.
Prices Are Up, Inventory Is Down
The most important number for May 2026 is this: the Illinois median home price rose to $315,000 in March 2026, a 6.8% increase from March 2025, according to Illinois REALTORS. Prices have been climbing steadily, and the main reason is simple. There are not enough homes for sale.
Statewide, there were 17,099 homes on the market in March 2026, down 7.7% from the year before. Less supply with steady buyer demand means prices stay firm. That dynamic is playing out across Naperville, Aurora, Oswego, and Plainfield right now.
For sellers, that is good news. Your home has value, and buyers are still active.
For buyers, it means competition. Not the frenzy of 2021, but real competition for well-priced homes that show well.
Sales Are Still Growing
Despite higher mortgage rates, home sales in Illinois grew 3.1% year over year in March 2026, with 10,075 homes sold statewide according to Illinois REALTORS. Nationally, existing home sales rose 0.2% in April to a seasonally adjusted annual rate of 4.02 million, according to NAR. Midwest sales led the month-over-month gains.
Buyers are still buying. The ones sitting on the sidelines waiting for a big rate drop are watching prices move away from them.
What This Means in the Western Suburbs Specifically
The western suburbs of Chicago, including Naperville, Aurora, Plainfield, and Oswego, continue to outperform many Illinois markets. The Chicago metro saw inventory drop 13.1% in March 2026 while sales still grew 3.8%, according to data from Illinois REALTORS. The demand is real and it is not going away.
Naperville remains one of the most consistently strong markets in the region. Plainfield and Oswego continue to attract buyers looking for more space at a better price point than Naperville. Aurora offers strong value with active buyer demand across multiple price ranges.
We have 459 documented closings in these communities across our careers at Team Elite Realtors. We know these neighborhoods and we track what is happening block by block. See our Baird and Warner profile to learn more about our track record.
What to Do Right Now
If you are a seller, now is a strong time to be on the market. Spring inventory is climbing nationally, which means more competition for your listing by summer. Pricing it right and presenting it well matters more than ever.
If you are a buyer, get pre-approved and get moving. Good homes are going quickly. Waiting for conditions to get easier has cost buyers real money this year.
Browse current listings in the western suburbs on Zenlist to see what is actually available right now.
Frequently Asked Questions
What is the housing market like in Illinois in May 2026?
Prices are up 6.8% year over year as of March 2026 per Illinois REALTORS. Inventory is down 7.7% from the prior year. Sales are still growing modestly despite higher mortgage rates. It remains a seller-favored market overall.
Are home prices going up or down in Naperville and the western suburbs in 2026?
Prices are still going up. The western suburbs are among the stronger markets in the state, supported by consistent buyer demand, limited inventory, and strong local job bases.
Is it a good time to sell a home in the western suburbs of Chicago right now?
Yes. Low inventory and steady buyer demand mean sellers are still in a favorable position heading into summer 2026. Pricing your home correctly and presenting it well is the key to maximizing your outcome.
Is it a good time to buy a home in Naperville or Aurora in 2026?
For buyers planning to stay three or more years, yes. Prices are forecast to grow another 3.4% through 2026 per DePaul University’s IHS. Waiting often means paying more later.
How long are homes sitting on the market in Illinois right now?
Statewide, the median days on market was 51 days in March 2026 per market data. Well-priced, well-presented homes in the western suburbs are moving faster than the state average.
The market is telling a clear story right now. Low supply, steady demand, and rising prices. Whether you are buying or selling, knowing what the numbers say puts you in a stronger position. If you want to talk through what that means for your specific situation, reach out to us today.
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Ready to make your next move in the western suburbs of Chicago?
We are here to help you every step of the way, whether you are buying, selling, or just exploring your options.
Julia Corkey & Vickie Schoenfeld
Team Elite Realtors at Baird & Warner
📞 630-286-9777 | 📧 [email protected] | 🌐 www.homesbyteamelite.com
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