Look at the site below. Chicago is overpriced and expected to go down in price.
The federal backed tax credit, low mortgage rates and lower priced homes triggered the spark in sales in Chicago, but in the Windy City things are well known to be explosive, especially when it comes to anything that deals with politics. The political winds change all the time in Chicago and it will be a long battle before housing markets in Illinois come to a point of stabilizing.
The upward momentum in home sales will be extended with the expansion and extension of the home buyers' tax credit into spring time. The impact of the government back stimulus program has given the Chicago market a move in the right direction. But in Chicagoland home prices are still falling and they will be on that path until the market finds footing to stabilize. Chicago home prices are forecast to deflate an average of 10.2% in 2010.
Perhaps waiting would make sense. Prices should drop and houses become more affordable. Either way, you now know something you did not before.