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 $270,830, up 6.9% 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. FSBO saves you more than just money—it saves you time too. 77% of FSBO homes sold within 2 weeks compared to the 4-12 weeks with an agent.

In addition, Chicago has a strong rental market, with high demand and low vacancy rates. All of these factors combined ensure that Illinois real estate is a stable and profitable investment opportunity, especially for foreign buyers who plan to use their properties as vacation homes, rentals, or both.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.

Illinois Housing Market Overview

What is the housing market like right now? In June 2024, home prices in Illinois were up 8.4% compared to last year, selling for a median price.

The median sale price of a home in Illinois as of April 2024 was $295,600, according to Redfin's monthly housing market data. This is an increase of 7.5% from April 2023. In Chicago, the median price in April 2024 was predictably much higher at $370,000, an increase of 5.7% from the previous year.

Which state has the highest median home price? California. The Golden State's median price tag of $793,600, per November 2023 Redfin data, was more expensive than any other state in the country. It outpaced the second-most-expensive state, Hawaii, by nearly $80,000.

Therefore, it is essential to make this process as comfortable as possible. The average monthly mortgage payment in Illinois in 2023 is $1,717. Although it is not the highest in the country, the average monthly payment in Illinois has been steadily increasing — for example, back in 2022, this parameter was $1,668.

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.

How do I sell my house myself in Illinois? ›

Illinois requires that you register for a sales tax permit before you make any sales or purchases for resale, or when you hire an employee. 2. How do you register for a sales tax permit in Illinois? Sellers can register online through MyTaxIllinois or mail in form REG-1 to the address specified on the form.

Conventional loans demand a score of 620, while government-backed loans are more lenient. However, a score below 500 makes mortgage approval difficult.

Buy in April for more options

On the flipside, if you want more homes to choose from and don't mind paying a premium, spring and early summer are good times to buy a house, as April has the most new listings.

You may be able to qualify for a loan with an annual income of $30,000. However, you will likely need to provide a larger down payment and have a strong credit score to qualify. You may also need to consider a lower-priced home or an area with a lower cost of living.

In a recent note, Chief US Economist Michael Gapen and his team revealed that they expect home prices to rise by 4.5% this year and 5% in 2025. Gapen doesn't foresee the market cooling down until 2026 at the earliest. With this in mind, current homeowners can sell for even higher prices down the road.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

In good weather buyers are more prepared to go house hunting. As such, Spring is a pretty up-beat time of year and often considered to be the time when the most buyers are active in the market. The flip side is that it's also when you can expect to be up against the greatest number of competing sellers.