Illinois housing market data: median home price, year-over-year appreciation, inventory, months of supply, days on market, affordability, and what it means fo
Illinois is currently a warm market. The median sale price sits near $289,000, up 5.4% from a year ago, with roughly 44,266 active listings and 3 months of supply. Homes are going under contract in about 32 days on average.
Illinois's median sale price of $289,000 is 31.1% below the $419,300 national median, which places it 35 of 51 states by price level. Year-over-year appreciation of 5.4% ranks 7 of 51, so Illinois is currently a faster-appreciating state relative to the rest of the country.
Inside the Midwest region, the median state price is $261,000, so Illinois runs 10.7% richer than its regional peers — the closest comparisons are Minnesota at $341,000, Wisconsin at $312,000, South Dakota at $302,000, North Dakota at $269,000. That gap matters for loan sizing: at the same rate, a Illinois file carries roughly $28,000 more balance than the regional median, which changes qualifying income and the value of a rate-and-term option.
Illinois statewide numbers hide real spread across its metros. This report tracks 1 Illinois metro: Chicago, IL ($352,000, +6.1% YoY). Price a file off the metro your borrower is actually buying in, not the state average.
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Illinois is currently a warm market. The median sale price sits near $289,000, up 5.4% from a year ago, with roughly 44,266 active listings and 3 months of supply. Homes are going under contract in about 32 days on average.
Affordability remains the binding constraint. At the current national average 30-year fixed rate near 6.42%, the typical payment on a median-priced home in Illinois runs about $1,884 per month including taxes and insurance, against a median rent near $1,175. That gap is what determines whether purchase conversations in this market start with payment, with price, or with a buydown structure.
Supply is still tight relative to demand, which keeps competitive offers in play on well-priced inventory. Builder incentives are limited, and permits are running near 16,463 annualized units.
For originators, the practical read is this: pre-approval speed and appraisal-gap strategy still win deals here, and Realtor partnerships should emphasize how fast you can turn a fully underwritten approval.
Illinois currently reads as a warm market with 3 months of supply. Balanced is generally considered four to six months, so this market is close to balance.
The median sale price is approximately $289,000 as of 7/24/2026, up 5.4% from a year earlier.
No. Median prices are up about 5.4% year over year, though the pace of appreciation has slowed considerably from the 2021 peak.
The typical down payment on a closed transaction is near $47,304, and the resulting payment at the current national average 30-year fixed rate is roughly $1,884 per month including taxes and insurance. Low-down-payment FHA, VA, and conventional 3% options can materially reduce the cash required.
Our directional 12-month range is +3.8% to +7.2% on median price. Confidence is moderate; the rate path is the dominant variable.
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