Summer Homebuying Is Back — And It Is Not Playing Around

Packed open houses. Offers above asking price. Buyers fighting over a limited number of listings. Yep — it's summer in the Chicago-area housing market, and if you were hoping for a quiet, laid-back buying season this year, I've got some news for you.

According to a fresh report from Illinois Realtors picked up by the Chicago Tribune, the summer homebuying season is decidedly on. Open houses are drawing crowds, competition is real, and the number one culprit driving prices up? Same as it's been for two-plus years: not enough homes for sale. Within the nine-county Chicago metro area, inventory is still stubbornly thin, and that supply squeeze is doing exactly what you'd expect — putting upward pressure on prices and shortening the window buyers have to make decisions.

What "above asking price" actually means right now

Before anyone spirals: "offers above asking" doesn't mean every house is triggering a bidding war. It means well-priced homes in good condition — especially in suburbs with strong school districts, walkable downtowns, or easy Metra access — are not sitting around waiting to be discovered. Buyers who show up to an open house on Saturday thinking they'll "sleep on it" are frequently waking up Sunday to a "Sorry, it's under contract" text.

In the NW suburbs, that dynamic is especially true for the sub-$400K range. First-time buyers are out in force. Move-up buyers who locked in low rates years ago are reluctant to sell, which keeps that mid-market tight. And lifestyle buyers relocating from other parts of the metro are eyeing Algonquin, Huntley, Crystal Lake, and Carpentersville with fresh eyes — attracted by the space, the price point relative to the city, and the quality of life out here.

What this means for you — buyer or seller

If you're selling: this is not the moment to overprice and test the market. Buyers in 2026 are smart, they've been watching, and an overpriced listing sits. Price it right out of the gate, prep the house like you care (because buyers absolutely notice), and you will almost certainly have multiple offers within the first weekend.

If you're buying: get your pre-approval in hand before you walk into a single showing — not after. Know your ceiling. Know the neighborhoods you're flexible on. And please, for the love of all that is holy, don't ghost your agent when a good listing hits. Speed still matters in this market, and "let me think about it" has a shelf life of roughly 36 hours.

The good news? There are still deals to be had if you're strategic. Homes with issues — funkier floor plans, deferred maintenance, awkward locations — are sitting longer and coming down in price. That's actually opportunity if you know what you're looking for.

Twenty years in this business and I'll tell you: the buyers who win in a market like this are the ones who come prepared, move decisively, and have a REALTOR who picks up the phone. Just saying.