In the hunt for a Chicago home, or know someone that is?

This week, the Chicago Department of Housing announced the HomeGrown Purchase Assistance Program, which will provide grants up to $70,000 to cover down payments and closing costs. Key differences from past programs is amount offered is way higher than ever before, you can buy in a more affluent area (Zone A) and income limits way higher than before- up to $170,000 for a family of 4.

Grants are awarded based on median household income, and the location of the property. Zone A covers neighborhoods that have experienced significant increases in home sale prices, while Zone B covers low-income census tract areas where 70% or more families have incomes below 80% of the statewide median family income. Here is a link to the zones: https://www.chicago.gov/city/en/depts/doh/provdrs/homebuyers/svcs/HomeGrown.html

HOW MUCH CAN YOU GET

Home prices beat USA prices in both city and suburbs
The median price of homes sold in March in the city was up 7.7% from March 2025, according to the Chicago Association of Realtors. That is about 5 times the rest of the country.
 
In the USA, the median price of homes sold in March was up only 1.4%, according to the National Association of Realtors.

For the larger metro area, which include nine counties and the city, the median price of homes was up 4.2% in March, or three times the nation’s. 80% of the metro area’s home sales are outside Chicago city limits.
 
This growth means Chicago is #1 on Case-Shiller index, and only two other areas had growth over 4%- New York at 4.74% and Cleveland at 4.15%.  In 12 of 19 cities tracked, home prices are down not up.

Median home sale price hits record high
For the first time ever, the median price of Chicago homes exceeded $400,000. The city median in March was $409,200, beating the old record of $400,000 in June 2025.

Normally prices for real estate peak in June, an early indicator this record will be beat again in coming months in a sizzling summer.

The metro-wide median price of homes sold in March was $375,000.

Least Homes Sold in March Since 2012
Sales of city homes dropped sharply in March, to the lowest sales figure for March in 14 years. There were 1,766 homes sold in March, the least for the month since 2012, when 1,664 homes sold. Across the metro area, sales rose by 3.8%, to 6,928 sales.

Inventory is 1/3 of Pre-Covid Years
The number of homes for sale in the metro area was up 5.9% in March from a year earlier. Even so, in March 2026, Chicago-area buyers had one-third number of homes to choose from compared to Spring 2019.  Several of our offers on the Northside had over 25 offers each as only best qualified (often cash) buyers willing to bid way over list price have a home.