Illinois housing market
Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$295,943+5.3% YoY · prices are rising fast
Market right nowSeller's marketMore homes for sale than last year, 18% have cut their price
Income needed to buy, per year$64,154About 0.8× the local median income ($83,327): affordable for a typical household
Days on market39 daysAbout the same pace as a year ago
Next 12 months+2.9%Zillow expects prices to rise slightly
The typical home in Illinois is worth $295,943, up 5.3% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $278,475, so the area is 6.3% overvalued. It is a seller's market: homes take about 39 days to sell, listings are up 6% from a year ago, 18% of listings have had a price cut. Zillow expects prices to rise about 2.9% over the next year. A household needs about $64,154 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $83,327. In the latest IRS figures, 56,077 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
| Typical home value | $295,943 |
| Change in 1 year | +5.3% |
| Overvalued % | +6.3% |
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| Fair home value | $278,475 |
| Change in 5 years | +29.6% |
| Zillow forecast, next 12 months | +2.9% |
| Home value to income | 3.6× |
| Monthly mortgage payment (20% down) | $1,604 |
| Income needed to afford it | $64,154 |
| Property tax rate | 2.01% |
Rent and investing
| HUD Fair Market Rent, 2 bedrooms | $1,727 |
Market activity
| Listings vs a year ago | +5.7% |
| Days on market | 39 |
| Listings with a price cut | 18.2% |
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| Homes for sale | 23,875 |
| Pending sales per 100 listings | 56 |
| Asking price per sq ft | $185 |
People and jobs
| Median household income | $83,327 |
| Population change (1 year) | +0.1% |
| Unemployment rate | 5.8% |
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| Population | 12,719,141 |
| Income adjusted for cost of living | $83,327 |
| Net moves in (IRS) | −56,077 |
| Cost of living (US = 100) | 100.0 |
Schools, risk and environment
| FEMA hazard risk score (0 to 100) | 90.5 |
| Unhealthy air days a year | 16 |
| Flood risk score | 90.1 |
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| Wildfire risk score | 37.4 |
| Walkability (1 to 20) | 10.6 |
| Road, rail and air noise | 53 dB |
Questions people ask
- Is Illinois overvalued?
- Home prices in Illinois are slightly above what local incomes have historically supported: fair value is about $278,475, so the area is 6.3% overvalued.
- Is Illinois a buyer's or seller's market?
- Illinois is a seller's market: homes take about 39 days to sell, listings are up 6% from a year ago, 18% of listings have had a price cut.
- Are home prices going down in Illinois?
- Home values in Illinois are up 5.3% over the last year. Zillow's forecast for the next 12 months is +2.9%.
- How much do you need to earn to buy a home in Illinois?
- A household needs about $64,154 a year to afford the typical home in Illinois at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $83,327.
Metro areas
Chicago-Naperville-Elgin, IL-INSt. Louis, MO-ILDavenport-Moline-Rock Island, IA-ILPeoria, ILRockford, ILChampaign-Urbana, ILSpringfield, ILBloomington, ILKankakee, ILPaducah, KY-ILDecatur, ILCape Girardeau, MO-IL
Counties
Adams CountyAlexander CountyBond CountyBoone CountyBrown CountyBureau CountyCalhoun CountyCarroll CountyCass CountyChampaign CountyChristian CountyClark CountyClay CountyClinton CountyColes CountyCook CountyCrawford CountyCumberland CountyDeKalb CountyDewitt CountyDouglas CountyDuPage CountyEdgar CountyEdwards CountyEffingham CountyFayette CountyFord CountyFranklin CountyFulton CountyGallatin CountyGreene CountyGrundy CountyHamilton CountyHancock CountyHardin CountyHenderson CountyHenry CountyIroquois CountyJackson CountyJasper CountyJefferson CountyJersey CountyJo Daviess CountyJohnson CountyKane CountyKankakee CountyKendall CountyKnox CountyLa Salle CountyLake CountyLawrence CountyLee CountyLivingston CountyLogan CountyMacon CountyMacoupin CountyMadison CountyMarion CountyMarshall CountyMason CountyMassac CountyMcDonough CountyMcHenry CountyMcLean CountyMenard CountyMercer CountyMonroe CountyMontgomery CountyMorgan CountyMoultrie CountyOgle CountyPeoria CountyPerry CountyPiatt CountyPike CountyPope CountyPulaski CountyPutnam CountyRandolph CountyRichland CountyRock Island CountySaint Clair CountySaline CountySangamon CountySchuyler CountyScott CountyShelby CountyStark CountyStephenson CountyTazewell CountyUnion CountyVermilion CountyWabash CountyWarren CountyWashington CountyWayne CountyWhite CountyWhiteside CountyWill CountyWilliamson CountyWinnebago CountyWoodford County