Are Home Prices Rising or Falling in Highland Park, IL?

Highland Park, a city near Chicago, IL, has seen prices rise sharply over the past year. The median home sold for $885,914, up about 9% year over year, with nearly half of sales closing above the asking price. Here's a closer look at the trend and what it could mean for your next move.

The National Picture

Home prices nationally have risen about 2% from a year ago, bringing the median to roughly $399,000 in the three months ending August 2026. Affordability has improved modestly: the typical household, earning about $88,000, spends around 34% of income on housing, down from about 36% last year. Roughly 20% of listings carry a price reduction, and supply sits near 4 months.

Home Prices in the Chicago Area

The Chicago metro household earns a median of roughly $99,000 and spends about 35% of that on housing, a ratio that has barely moved over the past year. Highland Park, at nearly $886,000, is more than double the metro median price, placing it firmly in the premium tier of Chicago-area suburbs.

Strong Gains at the High End of the Market

Highland Park's 9% price increase is among the steeper gains in the northern suburbs. The $885,914 median dwarfs nearby Buffalo Grove at $442,707 and Mundelein at $406,721, while Deerfield, at $710,030, actually saw prices fall 9%. About 48% of homes sold above list price, and buyers paid an average of 102% of the asking price.

About 17% of listings have had a price reduction, a lower share than in Mundelein or Waukegan. Homes sell in a median of 45 days with roughly 1.9 months of supply on the market. Despite the high price tag, inventory remains tight enough that sellers are generally in a strong position.

Why Are Prices Rising in Highland Park?

Limited inventory is the primary factor. With under 2 months of supply and a steady flow of demand, there aren't enough homes to ease pricing pressure. Deerfield, which has even tighter inventory at about 1 month, saw prices drop 9%, a reminder that supply alone doesn't dictate price direction. In Highland Park's case, buyer willingness to pay above asking, shown by the 102% sale-to-list ratio, suggests demand is robust enough to sustain these price levels. Waukegan, priced at about $285,000, saw an 9% gain on higher supply of 3 months, illustrating how price momentum varies across different segments of the North Shore 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.