Illinois Housing Market Trends

Real-time market data powered by Zillow Research. Last updated: 2026-04-02

Chicago's housing market offers remarkable value compared to peer cities, with median prices significantly below those in New York, Boston, or San Francisco for comparable urban living. The city's diverse neighborhoods each have distinct market dynamics — Logan Square and Pilsen have gentrified rapidly, while Beverly and Mount Greenwood remain stable working-class communities. The collar counties (DuPage, Lake, Will, Kane) offer excellent schools and suburban living but with the trade-off of very high property taxes. The state's population has been declining, which has kept prices moderate but also raises long-term questions about the tax base.

By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Zillow Research, U.S. Census

Is Now a Good Time to Buy in Illinois?

The Illinois housing market is showing balanced conditions.

home values have grown a moderate 4.6% year-over-year. there are currently 1,277 homes on the market.

Median Home Value

$281,547

Zillow Home Value Index

Year-over-Year

+4.6%

Home value change

5-Year Change

+34.2%

Since 2021

Median Rent

$1,236/mo

Zillow Observed Rent Index

Active Listings

1,277

Homes for sale

Home Value Trends

5-year Zillow Home Value Index (ZHVI) for Illinois vs. national average. ZHVI reflects the typical home value in the 35th-65th percentile range.

Rent Trends

Average rent in Illinois: $1,236/mo (+7.6% YoY)

Rent vs. Buy Analysis

With a median home value of $281,547 and average rent of $1,236/mo, the price-to-rent ratio in Illinois is 19.0. A ratio of 15-21 means it could go either way — run the numbers.

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