When is the best time of year to buy a house in Chicago? For many buyers, it is October. In each of the last five years, the median sale price in the City of Chicago was lower in October than in June, by about 10% on average, according to Illinois REALTORS. A national report covered by the Chicago Sun-Times on October 17, 2026, also named October the best month of the year for Chicago buyers to get a deal.
I have helped buyers on Chicago's North Side for more than 24 years, and the time of year you buy can change how much you pay and how hard you have to compete. This post shows what the numbers say, why October works in your favor, where you can and cannot negotiate, and how to handle today's mortgage rates. There are about two weeks of October left, so it is worth reading now.
Here is the City of Chicago median sale price for June, usually the busiest month of the year, and for October, for the last five years. These are the figures Illinois REALTORS first published for each month, for single-family homes and condos combined.
Year | June Median | October Median | June to October |
|---|---|---|---|
2021 | $351,500 | $312,000 | 11.2% lower |
2022 | $367,000 | $320,000 | 12.8% lower |
2023 | $355,000 | $320,000 | 9.9% lower |
2024 | $379,925 | $347,500 | 8.5% lower |
2025 | $400,000 | $370,000 | 7.5% lower |
Source: Illinois REALTORS, City of Chicago monthly reports for June and October, 2021 to 2025, all property types. At the time of research, deemed reliable but not guaranteed.
One thing to keep in mind: a lower median does not mean the same home sells for 10% less in October. Part of the change can come from which homes happen to sell in each season, not only from lower prices on the same homes. What the pattern does show is that fall buyers are not paying the peak-season prices that summer buyers pay.
Prices are still rising from year to year. The October 2025 median of $370,000 was 7.2% higher than October 2024, according to the same Illinois REALTORS report. So the October advantage is about buying at a better point in the year, not about prices falling.
The main reason is fewer buyers. In Chicago, 1,782 homes closed in October 2025, compared with 2,365 in June 2025, according to Illinois REALTORS. Families who wanted to move before the school year are already settled, and higher mortgage rates have pushed some buyers to the sidelines. The Sun-Times reported that a Lincoln Park listing drew fewer than 30 visitors this fall, when some summer open houses on the North Side drew nearly 100.
The other reason is the sellers who are still on the market. A seller whose home has not sold by October usually wants it done before the holidays, and that seller is more open to a conversation about price or terms than they were in the spring. Fewer buyers also means you can take a second look at a home or wait for an inspection without five other offers landing the same day.
This part matters. On a well-priced home that draws multiple offers, there is no negotiating on price or seller credits, even in October. You are competing, and the strongest offer wins. The same Sun-Times story described a Lincoln Park townhome that still received four offers this fall and sold for nearly $100,000 over its asking price.
The room to negotiate is on homes that are not drawing offers, usually because they were priced too high for what they are. On those homes, my buyers can ask for a lower price, a seller credit toward closing costs or a lower rate, repairs after the inspection, or a closing date that works for them. Before we write any offer, I find out which kind of home it is, so you do not overpay on one or lose another by offering too little.
A seller credit can be worth more to you than the same amount off the price, because it can go toward lowering your interest rate or paying your closing costs. Your lender has to approve how the credit is used, so I build it into the offer from the start.
The average 30-year fixed rate was 7.40% on October 15, 2026, the same as the week before and up from 6.27% a year earlier, according to the Freddie Mac Primary Mortgage Market Survey. Nobody can tell you for sure if or when rates will come down. If they do, many of the buyers who are waiting will come back at the same time, and the quieter fall market goes away.
You do not have to wait to lower your payment. More lenders, including some I work with, now offer a lender-paid temporary buydown. The lender lowers your rate by about one point for the first year of the loan, and it does not depend on the seller agreeing to anything, so it can still work when you are competing against other offers. Here is what that looks like with 20% down.
Home Price | Monthly Payment at 7.40% | Year One at 6.40% | Saved in Year One |
|---|---|---|---|
$500,000 | $2,770 | $2,502 | About $3,200 |
$600,000 | $3,323 | $3,002 | About $3,850 |
$800,000 | $4,431 | $4,003 | About $5,100 |
Principal and interest only on a 30-year fixed loan with 20% down. Property taxes, insurance, and any HOA assessment are extra. Rate from Freddie Mac, October 15, 2026; the 6.40% year-one rate is an example of a one-point temporary buydown. Your lender's actual rate and terms will differ.
If rates come down during that first year, you may be able to refinance into a lower rate. If they do not, your rate goes back to the full rate in year two, so make sure the full payment works for you before you buy. For payments by neighborhood and more ways to lower them, read my post on Chicago mortgage rates and your monthly payment.
Spring brings more homes to choose from, and it also brings more buyers. In each of the last five years, the June median in Chicago was higher than the October median, and this past spring brought bidding wars across the North Side. If you find the right home now, waiting for spring usually means paying peak-season prices and competing with more people.
Waiting can make sense if you are not ready yet, for example if you are still saving for your down payment or working on your credit score. In that case, use the winter to get ready, so you can move quickly when the right home comes up.
If you are new to the process, my post on how long it takes to buy a home in Chicago walks through the timeline, and my buyer's guide covers each step. You may also want to read who pays your buyer's agent in Chicago.
Fewer buyers are out in October, but the ones who are out are serious. Well-priced homes on the North Side are still selling and still drawing multiple offers. The homes that sit are usually the ones priced for the spring market, so pricing is the most important decision you make this time of year. My post on selling a house in Chicago in the fall covers it in detail.
October is one of the best months. In each year from 2021 to 2025, the City of Chicago median sale price was lower in October than in June, by about 10% on average, according to Illinois REALTORS. A national report covered by the Chicago Sun-Times in October 2026 also named October the best month for Chicago buyers to get a deal.
The October median has been lower than the June median every year from 2021 to 2025. That does not mean every home is cheaper, since part of the difference comes from which homes sell in each season. Prices are still rising year over year: the October 2025 median of $370,000 was 7.2% higher than October 2024.
It depends on the home. On a well-priced home that draws multiple offers, there is no negotiating on price or credits. On a home that is not drawing offers, buyers can often negotiate the price, a seller credit, repairs, or the closing date.
The average 30-year fixed rate was 7.40% on October 15, 2026, according to Freddie Mac's weekly survey. Freddie Mac updates the number every Thursday, and your own rate depends on your credit, down payment, and lender.
It is a program some lenders offer that lowers your interest rate, often by about one point, for the first year of the loan. The lender pays for it, so it does not depend on the seller. In year two, the rate goes back to the full rate unless you refinance.
If you are ready to buy, waiting usually means more competition and higher seasonal prices. Spring has more homes for sale, but it also has more buyers, and the June median has been higher than the October median every year since 2021. If you are not ready yet, use the winter to save and get pre-approved.
I am Dee Savic, a Chicago Realtor® with Baird & Warner. I have more than 24 years of experience, more than 300 closed transactions, more than $100 million in career sales, and more than 190 five-star reviews across Google, Zillow, Realtor.com, and FastExpert. Chicago Agent Magazine included me in its "Who's Who in Chicago Real Estate" in 2021, 2024, and 2026. You can reach me directly at 773.719.0989.
Start with my free Chicago Buyer's Course, or schedule a complimentary and confidential consultation and we will go over your budget, timing, and the neighborhoods that fit, from Lincoln Square and Lakeview to Lincoln Park and North Center. If you are selling first, start with a free home value review. You can also call or text me directly at 773.719.0989.
Sources: Illinois REALTORS, City of Chicago monthly reports, June and October 2021 to 2025; Freddie Mac Primary Mortgage Market Survey, October 15, 2026; Chicago Sun-Times, October 17, 2026. Payment figures are my own calculations. Accurate at the time of research, deemed reliable but not guaranteed.
Dee Savic is a Chicago Realtor® with Baird & Warner, working out of 4553 N. Lincoln Ave. She helps buyers, sellers, and relocation clients across Chicago, including Lakeview, Lincoln Park, Lincoln Square, Ravenswood, North Center, Roscoe Village, Andersonville, Uptown, Edgewater, Bucktown, Wicker Park, and the Gold Coast.
Dee Savic
Realtor® | Baird & Warner
4553 N. Lincoln Ave, Chicago, IL 60625
773.719.0989
[email protected]
deesavic.com
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