It is All About the Supply of Homes 

You can't only look at the Chicagoland market as a whole because real estate is local.   I have highlighted a city neighborhood,  a west suburb,, a southwest suburb, a northwest suburb, a north suburb, and a south suburb to see how those differ.  We are still well entrenched in a seller's market here in Chicagoland.  Despite all the fears of a crash coming after the 2022 interest rate hikes, a glut of homes have not appeared on the market.  You can see that all  over the Chicagoland area.  So while there are fewer buyers who can pay the inevitable higher monthly payments, there are still fewer sellers than most buyers were expecting.    People used to move from Chicagoland to less expensive areas in the country in the south and west.   Now many of those metro areas - Nashville, Atlanta, Charlotte, Austin, Phoenix, Denver - are more expensive than Chicagoland so less people are able to get up and move.    Also, many home owners don't want to trade their 3-4% interest rate for a 6-7% interest rate.   So they stay. 

Check out the slides charts of various communities around Chicagoland and you will see we are near/at record low inventory of homes in every community highlighted.