Are Home Prices Rising or Falling in New Lenox, IL?

New Lenox, a city near Chicago, IL, is a cooling housing market where prices have pulled back from last year. The median sale price sits at $438,173, down about 3% compared to a year ago, and roughly 21% of listings have had a price cut. Here's why, and what it could mean if you're looking to buy or sell.

The National Picture

In the three months ending August 2026, the national median home sale price is around $399,000, up about 2% from a year ago. Despite that modest climb, affordability is actually improving: the typical U.S. household earns roughly $88,000 a year and now spends about 34% of income on housing, down 1.6 percentage points from last year. Around 20% of listings nationally carry a price reduction, and there is roughly 4 months of supply on the market.

Home Prices in the Chicago Area

Across the Chicago metro, the typical household earns about $99,000 a year and puts roughly 35% of that toward housing costs, a share that has barely budged over the past year. Metro-wide, prices have continued to edge up modestly, though the picture varies widely from one suburb to the next.

Prices Have Cooled Off in New Lenox

New Lenox is one of the few cities in the southwest suburbs where prices have actually dropped year over year. The median sale price fell about 3% to $438,173, roughly $93,000 less than nearby Plainfield and about $56,000 more than Joliet. About 47% of homes still sold above asking price, but the sale-to-list ratio of 101% signals that overbidding has been mild.

Around 21% of active listings have had a price cut, and with about 3 months of supply on the market, buyers may have more negotiating room than in years past. Homes spend a median of 45 days on the market, giving shoppers a bit more time to weigh their options compared to tighter markets nearby.

Why Are Prices Falling in New Lenox?

Prices are pulling back in New Lenox primarily because supply has loosened. With roughly 3 months of inventory available, the market is less constrained than neighboring Bolingbrook or Romeoville, where supply sits closer to 2.5 months. At the same time, about one in five sellers has dropped their asking price, suggesting that initial list prices may have been set too aggressively for current demand. For buyers earning around the metro median of $99,000, the dip could mean spending a smaller share of income on housing compared to a year ago.

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.