Market Update | May 2026

Current Market Conditions

The older I get, the more I realize how much of my childhood felt stable simply because my mom made it feel that way.

At the time, you don’t notice any of it.

In fact, when you’re a kid, you almost take pride in not noticing it.

I still remember being in preschool when my mom was the “homeroom mom” for the class. I have no idea why this memory stuck with me all these years, but I can still picture her walking through the back door carrying one of those giant trays full of chocolate milk cartons. The old-school cartons where you had to pinch the sides and awkwardly pop them open.

And I remember being embarrassed.

Not because she did anything wrong. Just because when you’re a little kid, sometimes your mom showing up at school feels embarrassing for some reason. You want to act cool. Independent. Like you don’t need your parents there.

What’s funny is at that age, you genuinely don’t realize how much they’re actually doing for you.

You don’t notice the lunches packed every morning. The rides to school. The laundry folded on your bed. The snacks magically appearing in the pantry. The birthday parties. The holidays. The little traditions that slowly become your childhood memories.

Home just feels normal.

And when something feels normal long enough, you stop noticing the work behind it.

I think you only really start to understand it when you get older yourself.

Honestly, when I was younger, becoming a dad was never some lifelong dream of mine. When people asked what I wanted to be growing up, “dad” was never the answer. It wasn’t something I spent time thinking about or aspiring toward.

And now here I am with four little kids running around my house nonstop.

Bedtime at our house every night feels like absolute chaos.

And I don’t know why I’m still surprised by it because it somehow plays out the exact same way every single night.

Lux is actually already asleep by the time I get home, so at least somebody in the house has their life together.

The other three? Complete insanity.

Nobody wants to go to bed.

All of a sudden Rhone needs cereal. Remi suddenly has an important story she absolutely has to tell us before bed. And my three-year-old, Cru, negotiates bedtime like a hostage situation.

“Two more minutes.”

Every single night.

“Just two more minutes.”

And because they’re my kids, apparently all of them came out of the womb as professional negotiators.

Meanwhile I’m standing there after getting home late from work yelling, “LET’S GO TO BED!”

And my wife just gives me that look.

That look that basically says:
“Yeah… welcome to my life. I’ve been doing this all day.”

And honestly, that’s probably the moment this whole thing hit me.

Because while I’m dropping into the chaos for an hour at the end of the night, she’s been carrying the emotional weight of keeping everything together all day long.

And watching that made me realize how much I probably took for granted growing up. It also made me realize how much moms quietly carry every single day without anybody fully noticing.

The people creating the most stability around us often receive the least attention because when they do it well, everything simply feels normal.

And honestly, I think that’s why this final stretch of the spring market has felt so intense.

Because on paper, a lot of people would assume buyers would slow down right now.

Rates are still elevated. Inventory is improving in some areas but still competitive in others. Economic headlines change by the hour. And yet every week, buyers are still out there pushing hard to get something locked up before summer.

I think a lot of people watching the market from the outside keep asking the same question:

Why are buyers still being this aggressive?

Why not just wait another year?
Why not rent a little longer?
Why not see what happens with rates?

But the more conversations I have, the more I realize most people are simply tired of feeling temporary.

They want to be done renting.
Done moving every couple years.
Done wondering what happens when their lease is up again.
Done trying to time every interest rate headline perfectly.

They want a home.

Not because they think the market is perfect.
Not because they think rates are perfect.

Because they want stability.

And maybe that feeling becomes even stronger once you have kids of your own and realize how much those little routines and traditions matter over time.

The kitchen table you were forced to sit at every night for dinner.

Your childhood bedroom filled with all the random stuff you swore you needed to make it feel like yours.

The same walk to school every morning with your friends.

Holiday traditions. Bedtime chaos. The little routines that felt ordinary at the time but slowly became the memories you carry forever.

That’s the part of home people are really chasing.

The older I get, the more I realize the best parts of my childhood were the things I barely noticed at the time.

Mostly because my mom made all of it feel effortless.

Demand slowed a little bit this week, which is pretty typical heading into Mother’s Day weekend as many people are traveling or spending time with family.

Listings were also down slightly this week, which we normally see around holiday weekends.

Rates moved slightly higher again this week.

Multiple offers  are still happening on well-priced new listings, although the intensity feels a little lower than the last few weeks.

The downtown high rise market also felt busier this week, with much of the activity driven by empty nesters looking to simplify and move back into the city.

We’re seeing more “boomerang buyers” come back to Chicago after leaving for a few years. A lot of people moved away during COVID, but now they miss being close to family, friends, restaurants, walkability, and honestly just the lifestyle Chicago offers.

Recruiters are also telling us more companies are pushing employees back into the office again, especially in healthcare, finance, and consulting. We’re definitely seeing more buyers relocating back to the city because of work.

Parents buying condos for their kids going to school downtown is becoming a thing again too. For some families, buying feels smarter than paying high rents for four years, and it’s definitely helping parts of the downtown condo market.

Empty nesters continue to be one of the more active buyer groups right now. We’re seeing a lot of people simplify, downsize, and trade space for convenience and lifestyle.

Buyers are also becoming a lot more selective again. The well-priced, move-in-ready homes still move quickly, but buyers are thinking much harder before taking on projects or overpaying for something that doesn’t feel right.

One thing I’ve noticed lately is buyers seem less focused on perfectly timing rates and more focused on simply finding a home and payment they can feel comfortable with long term.
 

Single Family Homes 
Single-family inventory finally started to pick up this week, but demand is still through the roof. Even with more homes hitting the market, there still isn’t enough supply to fully meet buyer demand. That said, you can start to sense a shift may be forming. We’re seeing some buyers get discouraged after losing out in multiple-offer situations, while others are choosing to re-sign leases and wait things out a bit longer. At the same time, the top-tier homes, especially luxury properties that are updated, staged well, and show beautifully, are still moving incredibly fast. But higher-end homes that feel dated or overpriced are starting to sit longer than they were even a few months ago. Overall, this is still very much a seller’s market

Lincoln Park, Lakeview, North Center, Roscoe Village
Remain extremely hot, especially in that entry-level market. We’re still in that “last hurrah” phase where buyers are pulling out all the stops and making aggressive offers just to secure a home. At the same time, buyer fatigue is becoming more noticeable. After months of intense competition, more buyers are starting to step back or pause their searches altogether. One of the biggest differences from earlier this year is inventory flow. Back in February, it felt like one great listing would hit the market each month. Now, we’re seeing at least one strong listing hit every day, which is starting to create the first signs of a possible shift. We’re also finally seeing some inventory relief in the townhouse and duplex-down markets, which had been the two thinnest segments of inventory for most of the spring market. That said, make no mistake, this is still a very hardcore seller’s market.
 

West Town, Wicker Park, Bucktown, Logan Square, Avondale
Same as above.
 

West Loop
West Loop continues to see growing demand, and much of it is being driven by buyers getting priced out of or frustrated with the lack of options in West Town and surrounding areas. We’re seeing more people shift their searches south into the West Loop looking for better value and more available inventory. The entry-level market remains very active, but buyers are becoming far more selective. Homes that show well and are priced correctly are moving quickly. But if an entry-level property feels dated or is priced even a little too aggressively, it’s starting to sit. On the luxury side, there are encouraging signs as well. We’ve seen several high-end properties that had been lingering on the market finally start to go under contract. As the weather improves and the neighborhood becomes more active again, the West Loop naturally becomes more attractive. There’s an energy to the area in the warmer months that tends to pull buyers back in. Another major factor is the continued return-to-office push. More buyers are prioritizing convenience, walkability, and transportation access again, which plays directly into the West Loop’s strengths. Overall, I would say its a slight edge to sellers.
 

Old Town
Old Town remains extremely hot, really not much has changed from last week. Buyers continue to love the neighborhood because it offers that perfect mix of high-rise living and true neighborhood character. It gives people the convenience and energy of downtown while still feeling residential and walkable. The walk-up market continues to be incredibly competitive. Well-presented units are still drawing massive traffic, with some showings literally feeling like lines around the corner. Townhomes and duplex-downs are also performing exceptionally well, and we’re finally starting to see some much-needed inventory relief in those categories. For most of the first quarter, townhomes were almost nonexistent, but over the last few weeks we’ve seen a steady stream of new inventory hit the market. The luxury market is also moving quickly, especially for properties that show well and feel turnkey. One thing that continues to stand out about Old Town is that it remains one of the few neighborhoods where older high-rises without in-unit washer/dryers are still selling at a healthy pace. In most other parts of the city, that segment of the market remains very soft. Overall, Old Town continues to be a hardcore seller’s market.
 

South Loop 
South Loop still feels very segmented right now. On one side, move-in-ready units with in-unit washer/dryers, lower HOAs, and updated finishes are performing well and attracting strong interest. Buyers are being extremely selective, but when a property checks those boxes and feels like a good value, it’s moving. On the other hand, a lot of the remaining market continues to struggle. Luxury townhomes and high-end high-rises, even ones that show beautifully, are still softer here than almost anywhere else in the city. Buyers in that segment are incredibly price-conscious right now and want to feel like they’re getting a deal before making a move. The middle-tier market is also facing challenges, especially for dated properties that need work or feel behind current buyer expectations. That said, we are starting to see more buyers gravitate toward the South Loop because of the value proposition. With so many buyers getting priced out of more competitive neighborhoods on the north side, South Loop is increasingly being viewed as one of the better value plays in the city. Overall, I’d still give a very slight edge to sellers for now.

New East Side & The Loop
The market here is definitely starting to pick up again. After being one of the hardest-hit segments in the country over the last few years, we’re finally seeing meaningful momentum return, and a few major buyer groups are driving it. The biggest factor right now is the return of empty nesters. More suburban buyers looking to downsize are coming back into the city because they miss the energy, walkability, restaurants, and overall lifestyle. We’re also seeing more out-of-state buyers re-enter the market, particularly people from places like Ohio, Indiana, Missouri, and other surrounding states looking for a second home or city pied-à-terre. What those buyers overwhelmingly want is something turnkey with a view. Move-in-ready units with updated finishes, good amenities, and strong views are clearly outperforming the rest of the market right now. The entry-level high-rise market is also improving as buyers priced out of neighborhoods like Lakeview and Lincoln Park start reconsidering downtown condos as a more realistic option. But even at the lower price points, buyers remain selective, lower HOAs and in-unit washer/dryers continue to be major decision-makers. The luxury market is still softer overall unless the property is priced aggressively or offers something truly unique that buyers can’t easily find elsewhere. Generic luxury inventory is sitting longer, while standout properties are getting attention. Overall, I’d call this market a very slight edge toward sellers.
 

River North, Streeterville, Gold Coast
This market is really starting to pick up, honestly, it feels like night and day compared to this time last year. Of the three neighborhoods, Gold Coast is performing the strongest right now. In particular, luxury properties that show well and are priced correctly are moving quickly. We’re seeing many of the same buyer trends showing up here that are helping downtown overall: empty nesters returning to the city and more out-of-state buyers looking for second homes or full-time residences in Chicago again. The Gold Coast has always been one of Chicago’s premier neighborhoods, and buyers are clearly being drawn back to it. That said, buyers remain extremely price-sensitive. Even in competitive situations, you’re not seeing the kind of aggressive over-asking bidding wars that exist in neighborhoods like Lincoln Park. Buyers know parts of this market are still soft, so they want to feel like they’re getting value before making a move. River North is also improving, especially at the entry-level price points. Ironically, it has become one of the more affordable areas in the city relative to other core neighborhoods, and that’s attracting buyers who’ve been priced out elsewhere. But buyers here are still highly selective, in-unit washer/dryers and reasonable HOAs remain critical factors for success. Streeterville is quietly seeing stronger activity as well, particularly from doctors, medical professionals, and healthcare-related buyers relocating back to the city from out of state. That trend has become much more noticeable over the last several months and continues to build momentum. Overall, this market still leans slightly toward sellers.

The Big Picture:

• Outskirts: It remains a seller’s market across all categories, 

• Downtown Core:  Is feeling more like a balanced market.