Illinois Real Estate Market in 2022: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

September 1st, 2022
Updated September 1st, 2022

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Illinois real estate trends

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

Illinois real estate trends (May 2022)

How is the real estate market in Illinois?
🏠 Average home value: $267,079
📈 0.28% home value increase month over month
💰 Median sale price: $296,700
⏳ 43 days on the market
🔑 Homes on the market: 25,393
📆 1.2 months of housing inventory
🏦 30-year mortgage rate: 5.57000%
💵 Average income: 68428
State of the market: B-
Homes in Illinois are still selling quickly — but the surge of inventory and the stagnating value of homes is pointing to its market cooling down.
*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 $19,912 more than the annual average
💸 Average listing commission: 2.680%
💸 Average buyer's commission: 2.56%

How to sell a home in Illinois

Cost to sell a home in Illinois

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Buying a home in Illinois

How much home you can buy with $300,000 in...
🏠 Chicago: 1,515 sq ft
🏡 Rockford: 3,000 sq ft
🏡 Springfield: 1,422 sq ft
🏠 Peoria: 3,226 sq ft

Investing in Illinois real estate

Best of Illinois

💡 Did you know…

Chicago offers classic breakfast fare along with more unique dishes for adventurous diners. Windy City residents can enjoy an affordable brunch, with the average meal coming in at just $13.61 compared to the national average of $14.71 per plate.

» Hungry for more info? 🍳 Read our full study here: The Best Brunch Cities in America

Each month, we compare locations in Illinois based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Illinois
1. DuPage County
2. Will County
3. Lake County
4. McHenry County
5. Grundy County

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Worst of Illinois

Each month, we compare locations in Illinois based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Illinois
1. Alexander County
2. Franklin County
3. Pulaski County
4. Saline County
5. Lawrence County

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.

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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.

Frequently asked questions about Illinois real estate

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.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, 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.

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