How To Negotiate the Price of a House: Smart Tactics For Today’s Buyers
June 23, 2026Can You Still Buy a House After a Low Appraisal?
June 25, 2026
Key Takeaways
- Cook County remained a seller’s market in May. Inventory dropped, prices rose faster than the national pace, and nearly half of homes sold above list price.
- The median sale price reached $388,834, up 5% year over year—more than double the national rate of appreciation.
- Over half of listings went under contract within two weeks, reflecting persistent buyer urgency.
Cook County, IL Housing Market Snapshot
| Median Sale Price | Pending Sales | Active Listings | Days on Market | Sold Above List |
|---|---|---|---|---|
| $388,834 (+5.1% YoY) | 6,543 (+2.8% YoY) | 20,750 (-3.4% YoY) | 46 days (-2 days YoY) | 49.0% (+2.5 ppt YoY) |
Cook County’s housing market tilted firmly toward sellers in May. Prices climbed, inventory contracted, and buyers competed for fewer available homes. The combination of shrinking supply and steady demand pushed the median sale price above $388,000 and sent nearly half of all listings over asking. If you’re looking to buy here, expect to act quickly and pay a premium.
Here’s what the data showed for Cook County, IL in May 2026, and what buyers and sellers should know heading into summer.
U.S. Housing Market Snapshot
| Median Sale Price | Pending Sales | Active Listings | Days on Market | Buyer-Seller Balance |
|---|---|---|---|---|
| $398,771 (+2.0% YoY) | 349,901 (+4.4% YoY) | 1,483,839 (+0.7% YoY) | 49 days (+3 days YoY) | Sellers outnumber buyers by 47% |
Nationally, the housing market continued its gradual thaw. Prices edged up 2% year over year, pending sales rose, and inventory was essentially flat. But the gap between Cook County and the country widened: local prices grew more than twice as fast, inventory shrank here while holding steady elsewhere, and homes sold faster in Cook County than the national median.
“Many cities are undergoing a yearslong reset from the pandemic, with price growth easing and inventory climbing—helping affordability improve as wages rise,” said Chen Zhao, Redfin’s head of economics research. “Pending home sales have increased over the last three months, which is an early sign that buyers and sellers are beginning to re-enter the market. But economic volatility tied to the Iran War is keeping everyone on edge.”
Cook County Prices Outpaced the Nation Again
The median sale price in Cook County reached $388,834 in May, a 5.1% increase from a year ago. Nationally, prices rose just 2%. Cook County has appreciated roughly 45% since early 2020, and the pace of growth has stayed elevated even as the post-pandemic frenzy faded. The median price per square foot climbed 7% year over year to $260, suggesting genuine value growth rather than a shift toward larger homes.
Price reductions remained scarce. Only 9.6% of active listings in Cook County carried a price cut, down from 11% a year ago and far below the national average. The typical home sold for 1.3% above its list price, reinforcing that sellers set their asking price with confidence and buyers met it or exceeded it.
Half of Cook County Listings Went Under Contract in Two Weeks
More than half of Cook County listings (50.9%) went under contract within two weeks in May, compared with 31.9% nationally. That gap of nearly 20 percentage points has persisted since 2021, reflecting durable local demand that consistently outpaces the rest of the country. Cook County’s off-market-in-two-weeks rate was flat year over year, while the national rate ticked up just 0.2 percentage points.
Supporting that speed: pending sales rose 2.8% year over year, homes sold increased 1.1%, and the median days on market fell to 46 (down 2 from a year ago). Nationally, days on market moved in the opposite direction, rising to 49. The combination paints a clear picture—buyers in Cook County continued to act quickly, and well-priced listings rarely lingered.
Inventory Tightened While the Rest of the Country Held Steady
Active listings fell 3.4% year over year to 20,750, while nationally inventory was essentially flat (+0.7%). New listings held steady year over year at 6,857, meaning no fresh supply wave arrived to relieve pressure. The age of active inventory dropped to 39 days from 40 a year ago, confirming that homes were being absorbed before they could accumulate.
Cook County had just under 3 months of supply, well below the national figure of nearly 4. That level typically favors sellers. Buyers shopping here faced a market where demand outpaced new inventory, and waiting for more choices to appear offered no clear advantage.
Upper Tiers Led Price Growth, While the Bottom Stalled
| Price Tier | Median Price (YoY) | Sold (YoY) | DOM (YoY) | % Above List (YoY) |
|---|---|---|---|---|
| Luxury (top 5%) | $1,538,890 (+4.3%) | 991 (+5.2%) | 44 days (-5 days) | 44.7% (+9.1 ppt) |
| High (65th–95th%) | $622,337 (+6.0%) | 4,570 (+1.6%) | 41 days (-3 days) | 55.3% (+4.8 ppt) |
| Non-luxury (35th–65th%) | $366,688 (+4.6%) | 3,721 (-0.8%) | 48 days (0 days) | 49.9% (+1.5 ppt) |
| Starter (5th–35th%) | $230,351 (+4.0%) | 4,034 (-1.0%) | 56 days (0 days) | 37.3% (-0.8 ppt) |
| Bottom (bottom 5%) | $104,193 (+0.1%) | 722 (-9.8%) | 69 days (+8 days) | 22.9% (-0.9 ppt) |
Redfin analysis of MLS data • Rolling three-month period (March–May 2026)
The high tier appreciated fastest at 6% year over year, with more than half of those homes selling above list. Luxury homes ($1.54M median) rose 4.3% and saw a dramatic acceleration in above-list sales, jumping 9 percentage points to nearly 45%. Sales volume in the luxury segment also grew 5.2%, bucking the broader trend of flat-to-declining volume in lower tiers.
At the bottom, prices were flat and sales dropped nearly 10%. Homes in that bracket sat for 69 days—25 more than the high tier—and fewer than a quarter sold above asking. Starter homes performed somewhere in between: prices rose 4%, but volume dipped 1% and above-list activity was modest. Buyers in the upper brackets faced fierce competition; those shopping at lower price points had more room to negotiate.
How Buyers and Sellers Can Navigate Cook County’s Market
If you’re buying in Cook County, preparation matters more than patience. Inventory is shrinking, not growing, and half of homes go under contract in under two weeks. Get financing squared away before you begin touring. Be ready to offer at or above list price for well-located homes. Focus your energy on the right tier—competition is fiercest in the high and luxury segments, while starter and bottom-tier homes offer slightly more negotiating room.
If you’re selling, the data supports pricing with confidence but not with recklessness. The average home sold for 1.3% above list, and fewer than 10% of listings needed a price cut. Price accurately from day one and you’ll likely attract offers quickly. Overshoot, and you risk being one of the few properties that sits while the rest of the market moves around you.
Cook County, IL Market Data by City
Rolling three-month period (March–May 2026). Cities with 50+ sales shown. Click any column header to sort.
| City | Median Sale Price (YoY) | Sold | New List. | Active | DOM | % Above | Supply |
|---|---|---|---|---|---|---|---|
| Chicago | $419,749 (+6.3% YoY) | 7,136 | 9,714 | 15,478 | 47 | 46.9% | 3.1 |
| Evanston | $426,745 (-11.1% YoY) | 256 | 309 | 456 | 38 | 47.7% | 2.1 |
| Arlington Heights | $501,700 (+5.6% YoY) | 255 | 355 | 493 | 39 | 53.5% | 2.6 |
| Tinley Park | $339,797 (+3.0% YoY) | 248 | 308 | 474 | 43 | 44.7% | 2.5 |
| Schaumburg | $320,808 (+2.5% YoY) | 246 | 344 | 489 | 43 | 50.1% | 2.8 |
| Palatine | $384,770 (+9.3% YoY) | 232 | 313 | 432 | 43 | 50.1% | 2.5 |
| Orland Park | $384,720 (+5.8% YoY) | 201 | 306 | 437 | 44 | 43.5% | 3.4 |
| Oak Park | $499,701 (+0.6% YoY) | 198 | 254 | 354 | 42 | 53.5% | 2.2 |
| Oak Lawn | $309,815 (+1.6% YoY) | 173 | 264 | 425 | 59 | 36.2% | 3.8 |
| Skokie | $449,731 (+5.0% YoY) | 165 | 242 | 349 | 42 | 44.2% | 3.1 |
| Des Plaines | $374,776 (+1.2% YoY) | 163 | 231 | 341 | 47 | 47.9% | 2.9 |
| Hoffman Estates | $410,005 (+1.9% YoY) | 152 | 225 | 303 | 43 | 52.8% | 2.8 |
| Streamwood | $329,803 (-1.6% YoY) | 148 | 166 | 254 | 45 | 53.6% | 2.2 |
| Glenview | $811,015 (+20.6% YoY) | 148 | 184 | 270 | 35 | 55.0% | 2.2 |
| Mount Prospect | $465,721 (+8.1% YoY) | 140 | 207 | 281 | 45 | 53.4% | 2.9 |
| Northbrook | $677,844 (-3.1% YoY) | 133 | 196 | 290 | 44 | 52.4% | 3.0 |
| Park Ridge | $651,860 (+16.4% YoY) | 131 | 176 | 248 | 45 | 43.1% | 2.5 |
| Wilmette | $1,279,234 (+6.2% YoY) | 118 | 151 | 209 | 35 | 61.9% | 1.8 |
| Berwyn | $374,776 (-3.4% YoY) | 110 | 135 | 242 | 60 | 47.8% | 3.3 |
| Elk Grove Village | $375,775 (-2.0% YoY) | 108 | 136 | 186 | 41 | 50.6% | 2.2 |
| Wheeling | $299,821 (-7.7% YoY) | 96 | 116 | 195 | 58 | 38.4% | 2.9 |
| Lansing | $199,880 (-4.8% YoY) | 89 | 141 | 250 | 61 | 39.2% | 5.2 |
| Oak Forest | $317,310 (+6.7% YoY) | 88 | 106 | 164 | 53 | 46.6% | 2.6 |
| Elmwood Park | $370,778 (+5.2% YoY) | 87 | 109 | 171 | 51 | 41.3% | 2.6 |
| South Holland | $215,871 (-1.9% YoY) | 86 | 93 | 218 | 94 | 32.2% | 3.9 |
| Calumet City | $169,399 (-1.4% YoY) | 85 | 117 | 301 | 100 | 43.5% | 6.5 |
| Niles | $435,989 (+26.4% YoY) | 84 | 106 | 165 | 50 | 45.2% | 2.4 |
| Morton Grove | $474,716 (+10.4% YoY) | 83 | 108 | 161 | 46 | 38.4% | 2.6 |
| Park Forest | $165,901 (+12.9% YoY) | 73 | 113 | 242 | 77 | 35.3% | 6.6 |
| Homewood | $247,202 (+6.6% YoY) | 71 | 116 | 219 | 67 | 27.6% | 5.1 |
| Palos Hills | $304,818 (+14.5% YoY) | 67 | 89 | 148 | 52 | 38.5% | 3.4 |
| Rolling Meadows | $359,785 (+6.6% YoY) | 66 | 105 | 146 | 42 | 50.1% | 3.4 |
| Cicero | $332,301 (+7.2% YoY) | 66 | 97 | 185 | 61 | 39.2% | 4.9 |
| Burbank | $311,813 (-2.6% YoY) | 63 | 87 | 148 | 53 | 42.7% | 3.8 |
| Westchester | $393,764 (+5.0% YoY) | 61 | 82 | 116 | 40 | 66.8% | 2.3 |
| Dolton | $149,910 (-11.8% YoY) | 61 | 91 | 218 | 94 | 36.8% | 6.7 |
| Forest Park | $346,293 (-8.3% YoY) | 61 | 77 | 128 | 43 | 45.1% | 3.2 |
| Western Springs | $1,080,403 (+18.1% YoY) | 61 | 80 | 109 | 38 | 53.5% | 2.1 |
| River Forest | $669,599 (+1.1% YoY) | 59 | 56 | 93 | 43 | 41.5% | 1.4 |
| Chicago Heights | $192,885 (+2.1% YoY) | 57 | 93 | 182 | 73 | 46.5% | 5.3 |
| Prospect Heights | $351,290 (+5.5% YoY) | 57 | 71 | 102 | 52 | 41.2% | 2.3 |
| Palos Heights | $329,803 (-9.6% YoY) | 56 | 72 | 108 | 47 | 32.8% | 2.6 |
| Evergreen Park | $330,802 (+10.3% YoY) | 55 | 75 | 118 | 64 | 53.8% | 3.0 |
| Brookfield | $394,764 (+3.6% YoY) | 54 | 73 | 102 | 39 | 56.7% | 2.6 |
| Matteson | $259,844 (+8.3% YoY) | 54 | 72 | 150 | 88 | 24.6% | 4.8 |
| La Grange | $587,149 (+6.8% YoY) | 53 | 76 | 106 | 45 | 63.6% | 2.8 |
| Winnetka | $1,878,876 (+10.5% YoY) | 53 | 58 | 86 | 30 | 61.7% | 1.2 |
| Country Club Hills | $237,808 (+24.5% YoY) | 53 | 103 | 190 | 63 | 38.5% | 6.3 |
| Barrington | $594,644 (+0.2% YoY) | 51 | 77 | 106 | 45 | 26.1% | 2.9 |
| Markham | $154,907 (-6.1% YoY) | 50 | 80 | 156 | 77 | 49.1% | 5.9 |
This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economic 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. County-level data is not seasonally adjusted. Check the Redfin Data Center for additional in-depth housing market data.
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