Chicago IL Real Estate - Chicago IL Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in Chicago? ›

Chicago Housing Market Trends

In June 2024, Chicago home prices were up 6.4% compared to last year, selling for a median price of $385K. On average, homes in Chicago sell after 54 days on the market compared to 53 days last year. There were 2,548 homes sold in June this year, down from 2,911 last year.

August – October: When August rolls around, the real estate market will slow down in terms of urgency. However, late summer and early fall are historically considered the best months to buy a home in Chicago. We predict that this will be true in 2023 as well.

Chicago, IL housing market

In June 2024, the median listing home price in Chicago, IL was $385K, trending up 7.2% year-over-year. The median listing home price per square foot was $286. The median home sold price was $335K.

Illinois Housing Market Conditions

The current real estate market conditions in Illinois are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.01%, marking a decline from approximately 8% in the preceding year of 2023.

By December 2024, the median price of homes is forecast to be $272,800 in Illinois and $324,200 in Chicago PMSA, respectively, an increase of 8.4% and 12.0% from December 2023 (See Table: Annual Median Price Forecast [Nov 2022 to Dec 2023]).

According to SmartAsset, this is how much money a single adult needs to make in Chicago to not live paycheck-to-paycheck: Hourly wage needed: $47.38. Salary needed: $98,550. Total salary needed for two working adults with two children: $241,280.

If getting the lowest price possible is your main priority, consider searching for a home in November or December. There won't be as many houses to choose from compared to the spring and summer months, but you'll face less competition and a higher likelihood of purchasing a home below the asking price.

While the Chicago area may not be the most tax-friendly place in the country, it's certainly not the worst. Luckily, several tax exemptions for retirees can help alleviate some of the financial burden.

Chicago's most dangerous neighborhoods are besieged by high violent and property crime rates, with West Garfield Park, East Garfield Park, Grand Crossing, and North Lawndale among those severely affected by activities such as drug sales, shootings, and robberies.

The property tax rates for the city of Chicago vary depending on location but average around 6.697% for a single-family home. Your property tax bill will likely be between $2,500 and $6,388, but could be higher or lower depending on where in the city you reside.

What area is expensive to live in Chicago? ›

Fulton River District is the most expensive neighborhood in Chicago, as the average rent for a one-bedroom unit is $3,524. There are plenty of reasons why this neighborhood draws residents. Fulton River District is one of Chicago's most walkable neighborhoods, as you access restaurants and shops.

Today's mortgage rates in Chicago, IL are 6.406% for a 30-year fixed, 5.486% for a 15-year fixed, and 7.550% for a 5-year adjustable-rate mortgage (ARM).

Most housing market predictions point to a possible dip in interest rates in 2024, fueling anticipation that Chicago's housing market will experience a subsequent, if modest, increase in activity. Yet inventory remains extremely low compared with pent-up demand.

Is Chicago, IL a buyer's or seller's market? Since last year, Chicago has remained a Seller's Market. Chicago is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Chicago is seeing quicker reductions in population than its fellow large cities, according to Census Bureau data. New York, which has shed nearly 550,000 residents since 2019, saw a drop of 77,000 residents last year. Los Angeles lost only 1,800 people last year, reversing some pandemic-era trends in that category.

Housing is unaffordable when it costs more than 30% of a household's income, according to federal standards. In Chicago, nearly 43% of households have trouble with the rent or mortgage – more than double the raw number of people struggling in any other big Midwestern city.