Is Fall 2025 a Good Time To Buy or Sell a Home in Chicago?

By Ressie Krabacher

As a local resident and top performing REALTOR® in Chicago, Ressie Krabacher is relentlessly focused on helping her clients move forward. She serves as an advocate and advisor for buying or selling, overseeing relocation, or adding home ownership to their financial goals.

National headlines say housing is cooling, but Chicago didn’t get the memo. While other markets stall, neighborhoods like River Forest and Oak Park are seeing record-low inventory. At the same time, rates just dropped to their lowest level of the year. That combination creates rare opportunities for both buyers and sellers this fall. Here’s what you need to know about it right now, whether you’re buying or selling:

Inventory levels are still tight. In Chicago, housing supply varies by neighborhood. West Town currently has about 3.5 months of inventory, and North Central just over 3 months, which keeps sellers in control. But the suburbs are even tighter. River Forest has only 1.6 months of inventory, and Oak Park has 2.6 months. Anything under 4 months is a seller’s market, and in some areas, buyers have very few options to choose from.

Mortgage rates are giving buyers a window. Rates recently dropped to the lowest level we’ve seen all year. This shift is pulling some buyers back into the market after sitting on the sidelines for months. Mortgage applications are still lower than normal for the season, but that gap creates an opportunity for buyers who act now before demand ramps up again.

Fall brings chances you won’t see in spring. Historically, spring has been the busiest season in Illinois, with multiple offers and heavy competition. Fall is quieter, which means fewer bidding wars. Even though there are fewer homes available, buyers may find better prices or more negotiating room right now compared to waiting until next year.

Sellers with equity are in a strong position. Home values in Chicago and its suburbs continue to appreciate, and sellers are receiving solid offers. If you need to move, this is a good time to leverage your equity for your next chapter. Move-up buyers and downsizers both have options. If you don’t want to sell, you can keep your low-rate mortgage and rent the property for income while buying your next home.

Your numbers matter more than the headlines. Every buyer and seller has a unique situation. The decision to act is not just about today’s interest rate or price. It also comes down to carrying costs, timing, and your long-term goals. The most brilliant move is to review your own numbers before deciding if now is the right time.

The Chicago fall market still offers opportunities for both buyers and sellers, but the key is knowing how to navigate the current conditions. Whether you’re planning to buy your next home or sell your property, understanding local inventory levels and mortgage rate trends will help you make the right move.

If you have any questions, you can call or text me at 773-965-4100 or email me at ressie@kw.com. I’ll help you review your numbers and guide you through the process so you can make the best decision for your goals.