The result is a market with two very different realities: buyers have more leverage on listings that are overpriced, need work or have been sitting for several weeks, while updated homes in sought-after neighborhoods can still sell quickly and above asking price.

National Homebuying Demand Slows

U.S. pending home sales fell 1.3% from the previous week during the four weeks ending July 19, reaching their lowest level in three months. New listings increased 0.4%, but remained near their lowest point since the beginning of 2026.

The national median sale price reached $408,795—only about $900 below its record high. Homes spent a median of 41 days on the market, while approximately 20% of listings had experienced a price reduction.

These numbers suggest that affordability, rather than a lack of interest in homeownership, is keeping many prospective buyers on the sidelines. Redfin’s national housing data shows that touring activity remained above its level at the beginning of the year, even as pending sales declined.

In other words, buyers are still looking. They are simply being more selective about price, condition and monthly payment.

Mortgage Rates Add Pressure

Mortgage rates remain one of the most important factors influencing the market. The average rate for a 30-year fixed mortgage reached 6.58% during the week ending July 23, up from 6.49% two weeks earlier, according to Freddie Mac’s Primary Mortgage Market Survey.

Even a relatively small increase in rates can noticeably change a buyer’s monthly payment, particularly in the Chicago area’s more expensive neighborhoods and suburbs. Higher borrowing costs may also reduce how much a buyer qualifies to borrow between preapproval and closing.

Buyers should keep their lender updated before submitting an offer and avoid assuming that an earlier preapproval will remain accurate indefinitely. Sellers should also evaluate the strength of a buyer’s financing, not simply the offered purchase price.

Cook County Is More Competitive Than the National Market

The Chicago-area market continues to show stronger price growth and more competition than the national numbers might suggest.

According to Redfin’s June 2026 Cook County market update, the county’s median sale price reached $398,875, an increase of 6.4% from the previous year. Pending sales rose 8.7%, while active listings declined 1%.

More than half of Cook County homes sold above their asking price during the period.

Within the City of Chicago, the median sale price was approximately $429,766 during the rolling April-through-June period, up 7.4% from the previous year. Roughly half of Chicago homes sold above list price, and the city had only 2.8 months of available supply.

That is an important distinction. Nationally, buyers may see more negotiating power, but Chicago-area buyers should not assume every seller is prepared to accept a lower offer.

Where Buyers May Find Negotiating Opportunities

The strongest opportunities are generally found among homes that have remained on the market beyond their initial listing period, require significant updating or have already experienced a price reduction.

Depending on the property and the seller’s circumstances, buyers may be able to negotiate:

• A lower purchase price
• A seller credit toward closing costs
• Repairs or a repair credit
• A temporary mortgage-rate buydown
• Personal property or appliances
• A closing date better aligned with the buyer’s needs

However, price should not be the only consideration. A discounted property can become expensive if it has unresolved title problems, unpermitted improvements, substantial deferred maintenance or unexpected condominium assessments.

Buyers should also be cautious about waiving protections merely to make an offer appear stronger. Inspection, financing, appraisal and attorney-review provisions can become especially important when affordability is already stretched.

Move-In-Ready Homes Still Command a Premium

Many buyers facing higher monthly mortgage payments do not want to immediately spend additional money on a roof, mechanical systems, kitchen renovation or other major improvements. This continues to create strong demand for homes that are updated, well maintained and properly priced.

For sellers, preparation remains important. Addressing obvious maintenance issues, assembling permits and improvement records, completing required disclosures and resolving title concerns before closing can help prevent delays or last-minute renegotiations.

Sellers should also avoid relying too heavily on recent headlines about rising prices. In this market, an aggressive asking price can cause a home to miss its most valuable marketing window. Buyers tend to pay the most attention immediately after a property is listed. If the initial price is unrealistic, the home may sit long enough to become a candidate for negotiation.

Why the Contract Matters More in an Uneven Market

A real estate contract is more than an agreement on price. It determines what happens if an inspection reveals a serious defect, financing changes, the property does not appraise or the parties disagree about repairs, personal property or the closing date.

In Chicago and the surrounding suburbs, transactions may also involve condominium documents, association finances, municipal requirements, transfer taxes, property-tax prorations and local closing procedures. These details can materially affect the buyer’s cost and the seller’s proceeds.

An experienced Illinois real estate attorney can review the contract, monitor deadlines, address title issues and help document any credits, repairs or other negotiated terms. Verbal promises and informal text messages should not replace clear written contract modifications.

The Bottom Line

The summer 2026 real estate market is not clearly a buyer’s market or a seller’s market. It depends on the property.

Nationally, slower demand and longer market times are creating more opportunities for buyers. In Cook County, however, limited inventory and continued price growth mean that well-positioned homes can still generate significant competition.

Buyers should be prepared to move quickly when the right property appears—but should remain disciplined about inspections, financing and contract protections. Sellers should recognize that strong local prices do not eliminate the need for realistic pricing, thorough preparation and a clean transaction.

Bradford Miller Law assists buyers and sellers throughout Chicago and the surrounding suburbs with attorney review, contract negotiations, title matters and residential real estate closings. Contact our office before signing a contract or as soon as an offer is accepted so important deadlines and protections can be reviewed.

This article is provided for general informational purposes and does not constitute legal advice. Market statistics may be revised and can vary significantly by neighborhood, property type and price range.

The post Chicago Real Estate Market Update: Buyers Gain Leverage, but Cook County Remains Competitive appeared first on Bradford Miller Law.

At Bradford Miller Law, we know how overwhelming it can feel to estimate these costs on your own, especially with local, county, and state transfer taxes in the mix. That’s exactly why we created our Closing Cost Calculator for Chicagoland Sellers—a tool designed to help you understand your potential costs before you even list your home.

What Closing Costs Really Include for Sellers

When we talk to sellers, we explain that closing costs are simply the expenses you pay to transfer ownership of your property to the buyer. These aren’t just title fees—they include any charges necessary to finalize the transaction.

Most sellers in the Chicagoland area can expect their closing costs to include:

• Real estate agent commissions – Typically around 4–6% of the sale price
  
• Property tax credit to the buyer – Because county property taxes are paid a year in arrears, you’re usually crediting the buyer for at least last year’s unpaid taxes
  
• Title-related fees – Title insurance, closing fees, administrative charges
  
• Transfer taxes – State, county, and local transfer taxes
  
• Municipal requirements – Water certificate fees, zoning certificates (Chicago), surveys for single-family homes, and other location-specific items
  

In most cases, sellers in our area end up paying roughly 8–9% of their sale price in total closing costs when a standard agent commission is included. For example, if you sell for $400,000, that typically translates to around $32,000–$36,000 in total selling expenses but it all depends on the specific property.

Why Closing Costs Are Higher in Chicago

Chicagoland is unique when it comes to closing costs, and we walk our clients through this every day. Several local factors add to the total:

Multiple Levels of Transfer Taxes

You may owe transfer taxes to the State of Illinois, Cook County, and—if you’re selling within city limits—the City of Chicago.

City of Chicago Requirements

Selling in Chicago often includes additional items such as:

• Water and zoning certificates and
  
• Survey costs

County Property Tax System

Because taxes are paid a year behind, the tax credit you give the buyer is often one of the largest closing cost items. Many sellers don’t expect this part, so we make sure to help you plan for it properly.

How Our Closing Cost Calculator Helps You Plan Ahead

We built our Closing Cost Calculator for Sellers specifically for people selling in Chicago and the surrounding suburbs. Unlike generic online calculators, ours reflects the actual tax structure, municipal requirements, and closing fees that apply to your property.

With our calculator, you can enter:

• Estimated sale price
  
• Remaining mortgage balance
  
• Any additional liens
  
• Your property type
  
• Realtor commission percentage
  
• Your annual property tax amount
  
• Chicago-specific fees and transfer taxes
  

Once you enter your information, the calculator provides:

• Your estimated total closing costs
  
• Your estimated net proceeds, after expenses and mortgage payoff
  

You can also choose to have your estimate emailed to you so you can save it, compare different sale scenarios, or discuss it with an agent or attorney.

If you’re adding this blog to your website, you can link our tool here:
Bradford Miller Law’s Closing Cost Calculator for Sellers
https://www.bradfordmillerlaw.com/closing-cost-calculator/

Smart Ways to Use the Calculator Before You List

Our clients use the calculator in several helpful ways:

1. Setting a Realistic Minimum Sale Price

Knowing your estimated net proceeds helps you understand the lowest offer you can comfortably accept.

2. Comparing Commission Options

Changing even 1% of the realtor commission can significantly impact your bottom line. Our calculator helps you see how.

3. Understanding Your Tax Impact

Because property taxes and transfer taxes play a big role in Chicago closings, the calculator gives you a clearer picture of their impact.

4. Planning Your Next Move

Whether you’re purchasing a new home, downsizing, or relocating, knowing your estimated net proceeds helps you budget confidently.

Why Partner With Us on Your Closing

Numbers are powerful—but real guidance is priceless. At Bradford Miller Law, we help sellers throughout Chicago and the suburbs:

• Review and negotiate contract terms
  
• Ensure title and transfer tax charges are calculated correctly
  
• Coordinate with your realtor, buyer’s attorney, and title company
  
• Prevent surprises by addressing issues early
  

Our goal is simple: to protect your best interests and help you close smoothly, confidently, and with no last-minute surprises.

Ready to Estimate Your Chicagoland Closing Costs?

Before you list your home, take a few minutes to use our Closing Cost Calculator for Sellers. It’s one of the best ways to understand what you can expect to walk away with at closing.

After you run your numbers, connect with us for a consultation. We’re here to answer your questions, review your estimate, and guide you through every step of the selling process.

At Bradford Miller Law, we’re committed to giving Chicagoland home sellers the clarity—and confidence—they deserve. Let’s make your next move a smooth one.

The post What Chicagoland Home Sellers Need to Know About Closing Costs appeared first on Bradford Miller Law.