CHICAGO — If you’re thinking about buying a home in the city, this summer might be your best shot in years. With a sharp shift in buyer-seller dynamics, more inventory, and price flexibility across the Chicago market, experts say 2025 is a season of opportunity for prospective homebuyers.
More Sellers Than Buyers: A Shift in Power
For the first time in years, sellers now outnumber buyers, according to new data from Redfin. As of early 2025, there are approximately 1.94 million active sellers versus just 1.45 million buyers — a dramatic reversal from the red-hot pandemic years when buyers flooded the market and drove prices sky-high.
“With housing inventory levels reaching five-year highs, homebuyers in nearly every region are in a better position to negotiate more favorable terms,” said Lawrence Yun, Chief Economist at the National Association of Realtors.
This trend is especially meaningful in urban markets like Chicago, where affordability has long been a challenge for first-time buyers.
New Listings Are Up — And So Are Options
Data from Realtor.com shows 465,096 new listings this May — the highest for the month in three years. In Chicago, this means more choices and less urgency. Gone are the days of bidding wars and overpaying just to compete.
Economist Jake Krimmel noted that “with more fresh inventory hitting the market, buyers have better opportunities to find a home that fits their needs.”
So if you’re looking for a particular neighborhood, layout, or price range, now’s the time to explore the expanded pool of options.
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Price Cuts Are Back — And Common
It’s not just inventory that’s growing — price flexibility is too. Realtor.com reports that nearly 19.1% of home listings had price cuts in May, marking the fifth consecutive month of reductions. That amounts to over 370,000 listings nationwide, and Chicago is seeing similar patterns.
While not every seller is slashing prices, those who overshot expectations are now open to negotiating — something buyers haven’t had in years.
As reported by The Street, “houses are now staying on the market for longer, shifting negotiating power back to homebuyers.”
This doesn’t signal a market crash — it indicates a correction toward stability.
What This Means for Chicago Buyers
If you’ve been waiting on the sidelines, this may be the moment to act:
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You’ll have more homes to choose from
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Sellers are more open to negotiations
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Price cuts are becoming more common
The current market gives you leverage — and leverage saves money.
Are you planning to buy a home in Chicago this year? Let us know what neighborhoods you’re watching and if these market shifts are helping your decision. Share your thoughts at ChicagoSuburbanFamily.com and join the discussion.
