Current home values in Chicago, IL

Home values in Chicago have seen a significant increase since 2020, climbing approximately 20%. The median home price has jumped from $316,000 at the start of the decade to $379,925 this past June, according to the Illinois Realtors Association.

“Our forecasts indicate that prices will begin their typical seasonal decline over the next three months,” said Dr. Daniel McMillen, Professor of Real Estate and Associate Dean for Faculty Affairs at the University of Illinois-Chicago College of Business Administration, in a June 2024 press release from Illinois Realtors.

“The number of sales is forecast to decline also. Surveys indicated that consumer confidence in the economy remains at approximately the same level that it has been for the past few months.”

The following table outlines the gradual rise in Chicago home prices over the past five years.

Nationally, home prices have followed a similar upward trajectory. According to the Case-Shiller National Home Price Index, U.S. home prices have climbed by 47% since the start of 2020. This increase has significantly bolstered homeowners’ equity, providing them with enhanced financial options.

As of early 2024, the ICE Mortgage Monitor report indicates that the average mortgage-holding homeowner holds $299,000 in equity. This financial cushion can be used to purchase new properties, fund renovations, pay off debt, or save for the future.

Next, we’ll walk you through how to find out what your Chicago home is worth.