Illinois Real Estate Market in 2021: Forecasts + Trends

Clever Real Estate

By 

Clever Real Estate

October 1st, 2021
Updated October 1st, 2021

SHARE

Illinois real estate trends

Real estate trends in Illinois | Sellers | Buyers | Investors | The best and worst of Illinois | Illinois resources

Illinois real estate trends (October 2021)

How is the real estate market in Illinois?
🏠 Average home value: $237,462
📈 1.43% home value increase month over month
💰 Median sale price: $296,000
⏳ 60 days on the market
🔑 Homes on the market: 33,527
📆 1.2 months of housing inventory
🏦 30-year mortgage rate: 3.03%
💵 Average income: 55785
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 October 2021

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 11 days faster than the annual average
💰 Homes are selling for $9,159 more than the annual average
💸 Average listing commission: 2.69%
💸 Average buyer's commission: 2.53%

How to sell a home in Illinois

Cost to sell a home in Illinois

💰 Save thousands on realtor fees with Clever

List with the best agents in your area for just $3,000 or 1%. On average, Clever sellers save $9,000 on commission!

Our agent matching service is 100% free with zero obligation.

Buying a home in Illinois

How much home you can buy with $300,000 in...
🏠 Chicago: 1,656 sq ft
🏡 Rockford: 3,048 sq ft
🏡 Springfield: 1,516 sq ft
🏠 Peoria: 3,741 sq ft

Investing in Illinois real estate

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
1. Decatur
2. Danville
3. Quincy
4. Carbondale-Marion
5. Springfield

Ready to buy a home in Illinois? Eligible buyers get cash back with Clever!

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
1. Chicago-Naperville-Elgin
2. Kankakee
3. Champaign-Urbana
4. Peoria
5. Rockford

Illinois resources

👋 Next Steps: Talk to an expert!

If you're weighing your options for buying or selling a house, Clever can help!

Our fully-licensed concierge team is standing by to answer questions and provide free, objective advice on getting the best outcome with your sale or purchase.

Ready to get started?

Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

Remember, this service is 100% free and there’s never any obligation.

Methodology

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.

Better real estate agents at a better rate

Enter your zip code to see if Clever has a partner agent in your area.

If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. We offer this because we're confident you're going to love working with a Clever Partner Agent.