The Illinois Real Estate Market: 2024 Trends

I want to... 🏠 Sell my home | 🗝️ Buy a home | 🗺️ Find a new place to live in Illinois

💡 Key Illinois housing market facts

Data PointValueRankCompared to National Avg
Typical Home Value $263,576[1]#35 of 50 states28.1% lower
Median Listing Price $316,900[2]#37 of 50 states27.6% lower
Median Sale Price $282,100[3]#39 of 50 states30.9% lower
30 Year Mortgage Rate 6.91%[4]#9 of 50 states0.9% lower
Median Days on Market 37[5]#4 of 50 states25.9% shorter
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🗺️ Buying a house in the Illinois real estate market

Illinois has an affordability score of 4.1, meaning it takes 4.1 years of the median household income ($68,428) to afford Illinois' median home sale price ($282,100). Because of this, we rank Illinois as the 2nd most affordable state for buyers based strictly on prices compared to income.

Data PointValueRankCompared to National Avg
Median Sale Price $282,100[6]#39 of 50 states30.9% lower
30 Year Mortgage Rate 6.91%[7]#9 of 50 states0.9% lower
Median Household Income $68,428[8]#17 of 50 states6% higher
Affordability Ratio 4.1#2 of 50 states34% lower
Buyers Agent Commission 2.60%[9]#20 of 50 states2.8% lower
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Resources for Illinois home buyers

🗺️ Selling a house in the Illinois real estate market

According to our detailed survey of Illinois real estate agents, listing agents (those representing the seller) charge an average commission in Illinois of 2.75%, which is the 13th lowest in the United States. Buyers' agents charge an average commission of 2.6%, which is the 20th lowest in the United States.

Data PointValueRankCompared to National Avg
Median Listing Price $316,900[10]#37 of 50 states27.6% lower
Median Sale Price $282,100[11]#39 of 50 states30.9% lower
Median Days on Market 37[12]#4 of 50 states25.9% shorter
Buyer's Agent Commission 2.60%[13]#20 of 50 states2.8% lower
Listing Agent Commission 2.75%[14]#13 of 50 states3.8% lower
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Resources for Illinois home sellers

Moving to Illinois

According to our recent moving trends survey[15], 7% of Americans indicated that they would choose to move to Illinois if money were no object. Likewise, 13% of survey respondents indicated that they would move to Chicago among a choice of America's largest cities.

Here's how Illinois cities rank in a number of our research studies.

StudyBest Illinois cityRank
Best Pizza Cities[16]Chicago14th best
Best Coffee Cities[17]Chicago29th best
Best LGBTQ Cities[18]Chicago9th best
Best Bike Cities[19]Chicago20th best
Best Commuter Cities[20]Chicago49th best
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Article Sources

[1] Zillow – "Zillow Home Value Index". Updated April 30, 2024.
[2] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[3] Redfin – "Redfin Data Center". Updated March 2024.
[4] Bankrate – "Bankrate". Updated May 2024.
[5] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[6] Redfin – "Redfin Data Center". Updated March 2024.
[7] Bankrate – "Bankrate". Updated May 2024.
[8] US Census – "US Census, 2020 American Community Survey". Updated 2020.
[9] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[10] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[11] Redfin – "Redfin Data Center". Updated March 2024.
[12] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[13] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[14] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[15] Home Bay – "Half of Americans Are Surprised by How Much It Costs to Move". Updated February 26, 2024.
[16] Clever Real Estate – "The 15+ Best Pizza Cities in America". Updated February 12, 2024.
[17] Clever Real Estate – "The Best (and Worst) Coffee Cities in America". Updated January 12, 2024.
[18] Clever Real Estate – "The Most (and Least) LGBTQ-Friendly Cities in America". Updated October 23, 2023.
[19] Clever Real Estate – "The Most Bike-Friendly Cities in the U.S.". Updated July 17, 2023.
[20] Clever Real Estate – "The Best (and Worst) Cities for Commuters". Updated September 21, 2023.

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