HUD Articles
Illinois Real Estate Market Statistics
January 05, 2024
Average Home Prices: The average median home price in Illinois is $272,300, up by 6.2% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory. Currently, the sale-to-list price ratio is at 99.4%, with a decline of 1.0 pt YoY compared to September 2022.
Home Sales: As per September 2023 data, home sales decreased by 16.8% YoY! In September 2023, 11,986 homes were sold, up from 14,407 in September 2022.
Average Rent Prices: Rental costs vary statewide. An average tenant in Chicago pays $2,309, while the one living in Columbia pays $1,395.
Median Days on Market: The median days on the market for homes for sale was 43 days, up by 9 days YoY.
Pending Sales: The number of homes for sale dropped by 28% YoY compared to 2022. Currently, there are 43K homes for sale in Illinois.
Months of Supply: The average months of supply is 2 months. Illinois’s inventory isn’t as squeezed as the national housing market.
