Illinois real estate trends (May 2022)
How is the real estate market in Illinois?
🏠 Average home value: $259,879
📈 1.12% home value increase month over month
💰 Median sale price: $281,700
⏳ 45 days on the market
🔑 Homes on the market: 15,817
📆 0.7 months of housing inventory
🏦 30-year mortgage rate: 3.03%
💵 Average income: $55,785
State of the market: B-
Listing prices in Illinois are only slightly higher than home values, suggesting that there’s tepid demand in the state. listing prices have surged recently, though, and inventory is dwindling, so things could be looking up in the future.
*Data last updated May 2022
From the shores of the Great Lakes to the flat fields of corn and soybeans, Illinois offers a classic Midwestern landscape. The Prairie State also has some serious range, from small towns and rural farmland to the sprawling metropolis of Chicago and its surrounding suburbs.
Visitors and residents alike can explore the state's impressive 309 state parks, energetic sports culture, and world-class cultural events.
If you're thinking of buying or selling in Illinois, these Illinois housing predictions and stats can help you make an informed decision.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!
Selling a home in Illinois
Illinois real estate market forecast for sellers
⏰ Homes are selling 6 days faster than the annual average
💰 Homes are selling for $2,378 less than the annual average
💸 Average listing commission: 2.70%
💸 Average buyer's commission: 2.50%
How to sell a home in Illinois
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in Illinois (June 2021 Rankings)
- 8 Steps to Selling a House in Illinois
- How to Sell a House By Owner in Illinois (2021 Update)
- 5 Best Illinois Flat-Fee MLS Companies in 2021
- 5 Illinois We Buy Houses for Cash Companies & Alternatives (2021 Rankings)
Cost to sell a home in Illinois
- What's The Average Illinois Real Estate Commission In 2021?
- Illinois Seller Closing Costs in 2021: How Much Will You Pay?
Buying a home in Illinois
How much home you can buy with $300,000 in...
🏠 Chicago: 1,463 sq ft
🏡 Rockford: 3,093 sq ft
🏡 Springfield: 1,442 sq ft
🏠 Peoria: 3,529 sq ft
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in Illinois
- The Best Time to Buy a House in Illinois
- The Ultimate Guide for Moving to Illinois
Investing in Illinois real estate
- Top 5 Best Real Estate Investment Markets in Illinois
- The Ultimate Guide to Flipping Houses in Illinois
- A Beginner's Guide to Buying an Apartment Building
Best of Illinois
Each month, we compare cities in Illinois based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.
Most Affordable Cities in Illinois
Worst of Illinois
Each month, we compare cities in Illinois based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.
Least Affordable Cities in Illinois
- Illinois Division of Real Estate (DRE)
- Illinois's real estate license verification
- Illinois's real estate agent code of conduct
- Illinois's disclosure forms
- Transfer taxes in Illinois
- Home buying assistance programs in Illinois
Frequently asked questions about Illinois real estate
Currently, it is a seller’s market in Illinois. Properties are selling quickly and are being sold for more than asking. However, it’s still best to consult with a local real estate agent before making any decision, as each city and town is different and has its own trends.
Yes, Illinois is a good state to invest in, especially in bigger cities like Chicago. But if you want to maximize your investment, you will need to find the best neighborhood to buy in and come up with a property management plan. To learn more, read our real estate investing guide.
Now is not the best time to purchase a house in Illinois as listing prices are high and there are few properties on the market. If you’re still planning on buying a home, then you’ll need to work with a top real estate agent to help you land a decent deal.
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, S&P Global, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.