Illinois real estate trends (May 2022)
How is the real estate market in Illinois?
🏠 Average home value: $266,415
📈 1.02% home value increase month over month
💰 Median sale price: $296,700
⏳ 44 days on the market
🔑 Homes on the market: 21,279
📆 0.9 months of housing inventory
🏦 30-year mortgage rate: 5.54000%
💵 Average income: 65886
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 12 days faster than the annual average
💰 Homes are selling for $31,033 more than the annual average
💸 Average listing commission: 2.68%
💸 Average buyer's commission: 2.56%
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: 1,456 sq ft
🏡 Rockford: 3,000 sq ft
🏡 Springfield: 1,435 sq ft
🏠 Peoria: 3,261 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
💡 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
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 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, 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.