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

FAQs

Is now a good time to sell a house in Illinois? ›

May, June, and July are the best months to sell your house in Illinois. The median sale price of houses in June 2023 was $294,300, which is expected to rise in 2024. However, cities like Marion and Granite City follow an upward trend throughout the year.

The average Illinois home value is $265,824, up 7.3% over the past year and goes to pending in around 7 days.

Yes, you can! Just sell your house by owner in Illinois, like 10% of all home sellers. Get this: with FSBO, you control your home sale. Since you know your home best, you market it well and save precious time— 37% of sellers swear by it!

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

Illinois Housing Market Overview

In May 2024, home prices in Illinois were up 7.3% compared to last year, selling for a median price. On average, the number of homes sold was up 1.9% year over year and there were 13,700 homes sold in May this year, up 13,451 homes sold in May last year.

Forecasts and Future Condition

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]).

California is home to the most expensive housing markets in the US: See a nationwide breakdown. California is one of the largest and most populous states in the U.S. – it's also one of the most expensive places to live.

At 2.08 percent, the average property tax rate in Illinois is the second highest in the country, according to the Tax Foundation. Property taxes vary by municipality, but northeastern Illinois — including Chicago — has significantly higher property taxes than the rest of the state.

Will I save money by selling my house in California without a real estate agent? Yes, but perhaps not as much as you think. By selling your house without a Realtor, you can save the typical seller's agent commission, which is around 2.5 to 3 percent of the home's sale price.

Do you need an attorney to sell a house in Illinois? ›

When it comes to buying and selling property, Illinois is considered an "attorney state." Lawyers participate in the real estate sale process as a matter of custom and practice. But there are no laws or ordinances that require a buyer or seller to use one.

Sellers typically choose to sell their home FSBO to avoid having to pay the real estate agent the commission fee on the sale of the home. FSBO sales do, however, still require a real estate commission for the buyer's agent. If you're planning to finance a FSBO home, it's helpful to apply for a mortgage ahead of time.

The required credit scores for mortgages in Illinois differ based on the type of loan. Conventional loans demand a score of 620, while government-backed loans are more lenient. However, a score below 500 makes mortgage approval difficult.

A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic, according to a recent report from Redfin.

Spring: The real estate market competition is high but open to lower asking prices. Home demand usually rises in March, April, and May. Summer: Summer is the peak season with an active housing market and competitive buyers. Moreover, you have a larger inventory to choose from in June, July, and August.

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.

Home prices in Illinois have been on the rise. The median price statewide in May 2024 reached $300,000, representing a 9.1 percent increase from $275,000 in May 2023. This median price is a crucial indicator, showing that half of the homes sold for more and half for less.

Typically, winter time is the slowest of the year to sell a property, specifically November, December, and January. However, there are some exceptions because there are several conditions that affect the housing market.