Are Home Prices Rising or Falling in Uptown, Chicago?

Uptown, a neighborhood in Chicago, IL, is a surging housing market. Here's a closer look at the trend and what it could mean for your next move.

The National Picture

Inventory has been building at the national level, with about four months of supply on the market as of the three months ending August 2026. That is well above the tight levels seen in many urban neighborhoods. The national median sale price is $399,000, up 2% year over year. The typical U.S. household earns about $88,000 and puts roughly 34% of income toward housing, an improvement from 36% last year. About 20% of listings have been reduced, and homes go under contract in a median of 50 days.

Home Prices in the Chicago Area

Across the Chicago metro, the median home sells for about $394,000, and the typical household earns around $99,000. About 35% of metro-area income goes to housing, a share that is essentially unchanged from a year ago. Many of Chicago's urban neighborhoods, however, tell a more dramatic story than the metro average suggests.

A Sharp Uptick Fueled by Tight Supply

Uptown's median sale price shot up 27% from last year to $463,000. The surge is driven by a major inventory crunch: active listings dropped 19%, and new listings fell 7%. About 71% of homes sold above asking — the highest rate among these Chicago neighborhoods — and the average sale closed at 107% of list price. Just 8% of listings carry a price reduction. Nearby South Loop, by contrast, saw prices fall 3%, while Near South Side was essentially flat at -1%.

Why Are Prices Rising in Uptown?

Supply in Uptown has shrunk dramatically. With just 1.6 months of inventory and active listings down nearly a fifth, there are far fewer homes available than a year ago. Pending sales declined 13%, largely because there are fewer homes to buy rather than a drop in buyer interest. The intense competition for remaining listings has pushed prices sharply higher, as buyers offer well above asking to secure a home in this tight market.

Limited to neighborhoods with at least 10 home sales in the period.

All data comes from Redfin and represents a three-month rolling average ending August 2026. This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economics research Chen Zhao. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and citations contained in this article before relying on it for any purpose. This information is not a substitute for advice from a real estate agent, financial advisor, or other licensed professional. Check the Redfin Data Center for additional in-depth housing market data.