Brokers — List your Company Here
Featured local agent — Illinois
Sarah Mitchell
Compass Real Estate · Illinois
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
This spot is open. Be the only brokerage featured on this page — one slot, no auction.
Claim this spot* Example only — dummy agent for illustration. Your logo, name, tagline, link, and lead routing replace this content.
Illinois housing market
Illinois housing market summary
The typical home in Illinois is worth $297,573, up 5.3% over the past year. Homes that actually closed went for a median of $337,900 after 43 days on market. On supply, pricing discipline, and speed of sale, Illinois currently reads as a seller's market at 2.6 months of supply. At today's 7.03% 30-year fixed rate, that typical home costs $1,589 a month in principal and interest with 20.0% down.
Sources: Zillow, August 2026 · Refreshes monthly · Redfin, through May 2026 · Freddie Mac via FRED, September 2026
Illinois housing market at a glance
Every tile carries the provider and the month it was published
Typical home value
$297,573
+5.3% YoY · Zillow, August 2026
Median sale price
$337,900
Redfin, through May 2026
Typical asking rent
$1,976/mo
Median of 122 cities · Zillow, August 2026
30-yr fixed rate
7.03%
Freddie Mac via FRED, September 2026
Monthly P&I
$1,589
20.0% down, 30-yr fixed
Days on market
43
0 days YoY
Active listings
33,168
-2.2% YoY
Median household income
$81,702
U.S. Census ACS, 2023
Typical home value is Zillow's ZHVI — the value of a typical home across the whole housing stock, not just the homes that sold. Median sale price is what actually closed. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
Where Illinois home prices are heading
Illinois's typical home value is $297,573, up 5.3% over 12 months. The two-year number matters more than the one-year number: it spans a full rate cycle rather than a single seasonal swing. Values are at or within a rounding error of their two-year high.
Against the national picture, Illinois runs 19.3% below the U.S. typical home value of $368,697, and its 12-month move of +5.3% is outpacing the national pace of +1.2%.
What would have to change for Illinois prices to fall. Prices fall when supply outruns demand for long enough that sellers compete on price rather than waiting. Illinois is carrying 2.6 months of supply — below the four-month line, so inventory would have to roughly double before sellers lose pricing power. Active listings are -2.2% year over year and new listings -2.0%, which is close to flat. The other lever is the rate. At 7.03%, existing owners with cheaper mortgages have little reason to list, which is what has kept supply artificially low across most of the country. A sustained move down in rates unlocks those sellers and adds inventory; it also adds buyers. Which side moves first decides the direction.
Market trends
Statewide monthly series · Redfin, through May 2026 · No longer updating · Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
What it costs to buy in Illinois at today's rate
Down payment
$59,515
20.0% of value
Loan amount
$238,059
30-yr fixed
Monthly P&I
$1,589
at 7.03%
Income needed
$68,100
28.0% front-end ratio
A buyer purchasing the typical Illinois home at $297,573 puts $59,515 down, finances $238,059, and pays $1,589 a month in principal and interest. Property taxes, homeowners insurance, HOA dues, and mortgage insurance sit on top of that and vary by county — budget for them separately rather than assuming the P&I figure is the payment.
Lenders typically want principal and interest under 28.0% of gross income, which puts the qualifying income for that purchase at roughly $68,100. Illinois's median household earns $81,702 (Census ACS 2023) — a gap of $13,602 below what the median household brings in. Put differently, the median household would spend 23.3% of gross income on principal and interest alone — inside the ratio most lenders underwrite to.
The value-to-income ratio in Illinois is 3.6x. Between roughly 3.5x and 5x, prices are ahead of local earnings but still within reach for higher-earning households. Model your own numbers in the affordability calculator or the mortgage calculator.
Figures are illustrative, not a quote or a pre-approval. Rate: Freddie Mac via FRED, September 2026 · Value: Zillow, August 2026 · Income: U.S. Census ACS, 2023
Buying in Illinois in the next 12 months?
Tell us your timeline. We send the Illinois market brief: the price ranges that are actually clearing, the cities where your budget goes furthest, and what to fix on your credit before you apply.
Rent or buy in Illinois?
Zillow publishes its rent index per city rather than per state, so the honest statewide read is the median across the 122 largest Illinois cities that carry it: $1,976 a month. Set against a typical home value of $297,573, that is a price-to-rent ratio of 12.5x.
Under 15x, buying tends to beat renting for anyone staying more than a few years — the rent you avoid does more work than the capital you tie up. Principal and interest on the typical home runs $387 less per month than that typical rent — and that is before taxes, insurance, and the roughly 1% of value a year most owners spend on maintenance.
For a second read on the same question, the Census ACS puts median gross rent across all Illinois households — every unit type, not just what is currently listed — at $1,227 a month (2023), with 66.8% of Illinois households owning rather than renting. Asking rents lead the ACS figure because they reflect today's new leases rather than the whole stock of existing ones.
Run the rent-vs-buy calculator with your own holding period and down payment — the statewide ratio is a starting point, not an answer.
Supply: what is on the market in Illinois
| Measure | Latest | Year earlier | Change |
|---|---|---|---|
| Active listings | 33,168 | 33,930 | -2.2% |
| New listings | 17,188 | 17,531 | -2.0% |
| Homes sold | 12,727 | 13,228 | -3.8% |
| Months of supply | 2.6 | 2.6 | +0.0 |
| Sale-to-list ratio | 100.4% | 100.0% | Above asking |
What these mean. Active listings is the shelf — everything a buyer could tour today. New listings is restock rate; when it falls faster than sales, the shelf empties. Months of supply is active inventory divided by homes sold per month: at the current sales pace, how many months it would take to sell every home currently listed. Under 4 months of supply tilts toward sellers, 4 to 5 months is the neutral band, and above 5 months tilts toward buyers — above 7 months is a glut. These are the same thresholds the market verdict on every city and ZIP page is scored against. Sale-to-list ratio is the discipline check — above 100% means homes are clearing over asking on average, below means sellers are conceding.
Redfin, through May 2026 · No longer updating — Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026. Zillow's inventory and new-listing counts are published per city and appear on the individual city pages.
Where Illinois home values are moving fastest
12-month change in typical home value · Zillow, August 2026
Rising fastest
- 1.Galesburg+13.3%
- 2.Wilmette+12.3%
- 3.Lake Forest+10.4%
- 4.Hinsdale+10.3%
- 5.Freeport+10.2%
- 6.Oak Park+10.2%
- 7.Glenview+10.0%
- 8.Maywood+10.0%
Falling
- 1.Calumet City-1.5%
- 2.Normal-1.1%
Computed from Zillow's typical home value for each city at August 2026 against the same month a year earlier, across the 150 largest Illinois cities by population. Small markets swing hardest because a handful of transactions moves the index — read the city page before treating a large move as a trend.
The most and least expensive cities in Illinois
Typical home value across the 150 largest cities · Zillow, August 2026
Most expensive
- 1.Hinsdale$1.30M
- 2.Lake Forest$1.25M
- 3.Wilmette$1.01M
- 4.Highland Park$807,638
- 5.Northbrook$715,308
- 6.Glenview$697,923
- 7.Deerfield$661,754
- 8.Elmhurst$642,280
- 9.Libertyville$635,028
- 10.Naperville$625,494
Most affordable
- 1.Cahokia Heights$49,811
- 2.Danville$83,490
- 3.Alton$104,934
- 4.Decatur$107,246
- 5.Galesburg$108,393
- 6.Harvey$109,303
- 7.Granite City$117,208
- 8.Rock Island$127,832
- 9.Freeport$130,806
- 10.Peoria$138,052
The spread between Hinsdale and Cahokia Heights is 26.1x — one reason a single statewide number is close to useless for a buyer with a fixed budget. Pick the city first, then the price band. Speed is a separate axis from price: Springfield was the quickest of these markets to clear at 5 days on market (Redfin, through May 2026).
How Illinois compares
| Market | Typical value | 12-mo change | Median income | Value / income |
|---|---|---|---|---|
| Illinois | $297,573 | +5.3% | $81,702 | 3.6x |
| United States | $368,697 | +1.2% | — | — |
| Indiana | $260,095 | +3.0% | $70,051 | 3.7x |
| Wisconsin | $339,699 | +5.1% | $75,670 | 4.5x |
| Missouri | $267,879 | +3.5% | $68,920 | 3.9x |
The three states above are Illinois's nearest land neighbours — the markets buyers most often price against when a move is still negotiable. Indiana and Missouri carry lower typical home value than Illinois, which is what makes them the usual destination for equity-funded moves out of Illinois.
Values and 12-month changes: Zillow, August 2026 · Refreshes monthly. Income: U.S. Census ACS, 2023. ACS publishes household income per state, not for the nation on the same basis, so the U.S. row shows home value only.
Illinois housing markets by city
1,111 cities tracked — the 60 largest by population shown
Chicago
$334,030
Aurora
$324,261
Joliet
$269,608
Naperville
$625,494
Rockford
$186,897
Elgin
$339,753
Springfield
$172,189
Peoria
$138,052
Waukegan
$247,657
Champaign
$238,960
Cicero
$279,769
Bloomington
$270,349
Schaumburg
$360,740
Evanston
$493,385
Arlington Heights
$495,520
Bolingbrook
$371,926
Decatur
$107,246
Palatine
$393,104
Skokie
$433,130
Des Plaines
$358,473
Orland Park
$413,308
Oak Lawn
$301,042
Berwyn
$321,149
Mount Prospect
$453,639
Tinley Park
$337,869
Wheaton
$514,751
Oak Park
$486,880
Normal
$267,616
Hoffman Estates
$408,240
Downers Grove
$509,231
Glenview
$697,923
Plainfield
$429,313
Elmhurst
$642,280
Lombard
$388,194
Buffalo Grove
$447,960
Moline
$150,444
Belleville
$160,311
Romeoville
$321,333
Bartlett
$443,276
DeKalb
$263,449
Crystal Lake
$384,661
Carol Stream
$385,105
Park Ridge
$597,562
Quincy
$182,657
Streamwood
$334,228
Wheeling
$318,836
Urbana
$207,795
Carpentersville
$295,982
Hanover Park
$334,620
Rock Island
$127,832
Addison
$381,354
Oswego
$422,743
Calumet City
$158,534
Northbrook
$715,308
Woodridge
$414,564
Glendale Heights
$326,702
St. Charles
Pop. 33K
O'Fallon
$315,807
Elk Grove Village
$402,937
Pekin
$144,443
Get Illinois market alerts
Weekly updates on prices, inventory, and trends. Free forever.
What to do next in Illinois
If you are buying
- Set the payment before the price. Start from what you can carry monthly, then work backwards with the affordability calculator — the typical Illinois home is $1,589/mo in P&I today.
- Pick the city, not the state. Values across Illinois run from $49,811 in Cahokia Heights to $1.30M in Hinsdale.
- Put two finalists head to head in the city comparison tool before you tour anything.
- Fix the credit file before you shop the rate. A better score moves the payment more than haggling over price does at 7.03%.
If you are selling
- Price against your city, not the statewide figure — the spread between Illinois markets is wider than the year-over-year move in any of them.
- Read the supply table above. At 2.6 months of supply, you still set the terms — but only if the home is priced to the comps on day one.
- Watch days on market in your city, not the state. The statewide median was 43 days (Redfin, through May 2026); your city page carries its own.
- Time the listing against new-listing volume. New listings are -2.0% year over year — less competition than a year ago.
Illinois housing market questions
What is the typical home value in Illinois?
The typical home value in Illinois is $297,573 (Zillow, August 2026). That is a +5.3% change over the past 12 months. The median price of homes that actually sold was $337,900 (Redfin, through May 2026); sale prices skew toward whatever segment is transacting, which is why they differ from the typical-value figure.
Are Illinois home prices going up or down?
Illinois home values are up 5.3% year over year (Zillow, August 2026). Values are at or near their highest reading in the past two years.
How much income do you need to buy a home in Illinois?
At the current 30-year fixed rate of 7.03%, a $297,573 home with 20.0% down carries roughly $1,589 a month in principal and interest. Using the 28% front-end ratio most lenders underwrite to, that implies a household income of about $68,100 before taxes, insurance, HOA dues, or mortgage insurance are added. Illinois's median household income is $81,702 (Census ACS, 2023), a gap of $13,602 below the median household. These figures are illustrative, not a quote or a pre-approval.
Is it cheaper to rent or buy in Illinois?
Typical asking rent across the largest Illinois cities Zillow publishes rent data for is $1,976 a month (median of 122 cities, Zillow, August 2026). Against a typical home value of $297,573, that is a price-to-rent ratio of 12.5x. Ratios under about 15x generally favour buying if you plan to stay put; above about 20x, renting and investing the difference tends to win over short horizons. Principal and interest alone runs $387 less than that typical rent each month, before taxes, insurance, and maintenance.
Which Illinois cities are the most affordable?
Among the largest cities we track in Illinois, the lowest typical home values are in Cahokia Heights ($49,811), Danville ($83,490), Alton ($104,934), Decatur ($107,246), Galesburg ($108,393). Values are Zillow's typical-home-value index for August 2026.
Which Illinois cities are the most expensive?
The highest typical home values among the largest Illinois cities are in Hinsdale ($1.30M), Lake Forest ($1.25M), Wilmette ($1.01M), Highland Park ($807,638), Northbrook ($715,308). Price per square foot, inventory, and days on market for each are on the individual city pages.
Which Illinois cities are appreciating the fastest?
Over the past 12 months the largest home-value gains among Illinois cities we track were in Galesburg (+13.3%), Wilmette (+12.3%), Lake Forest (+10.4%), Hinsdale (+10.3%), Freeport (+10.2%). Fast appreciation usually reflects constrained supply, in-migration, or a small transaction base — check the individual city page before reading it as a trend.
How long do homes take to sell in Illinois?
Homes in Illinois spent a median of 43 days on market in the last month Redfin published (Redfin, through May 2026). That is 0 days faster than the same month a year earlier. The quickest market among the state's largest cities was Springfield at 5 days. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
How does Illinois compare to neighboring states?
Illinois's typical home value of $297,573 compares with Indiana at $260,095, Wisconsin at $339,699, Missouri at $267,879. The U.S. typical home value is $368,697, putting Illinois 19.3% below the national figure. Indiana and Missouri are cheaper on a typical-value basis.
Is now a good time to buy in Illinois?
That depends on your timeline, not the headline. The measurable inputs today: a 30-year fixed rate of 7.03%, 2.6 months of supply statewide (Redfin, through May 2026), active listings -2.2% year over year, and home values +5.3% over the past year. Buyers with a five-year-plus horizon are mostly exposed to the payment, not the price, so the rate you can qualify for matters more than the month you buy. Properties Incorporated is an independent data platform, not a brokerage or lender — this is information, not advice.
Be the brokerage on this page
1 slot per pageGet featured on Illinois
Your logo, brokerage name, and direct link to your site — featured at the top of this page in front of every visitor researching the entire state. One brokerage, no rotation, no bidding war.
- Goes live in 24 hours
- Cancel anytime
- Do-follow backlink to your site
Keep researching Illinois
City-vs-city in Illinois
Studies & tools
How we built these numbers
Neighboring state markets
- Indiana housing market — $260,095 typical value
- Wisconsin housing market — $339,699 typical value
- Missouri housing market — $267,879 typical value
Get the Illinois market brief
One email: the cities where your budget clears, what the payment looks like at today's rate, and the credit moves that change your number before you apply.