Chicago - IL housing market

The typical Chicago home is worth $357,265 as of August 2026, up 0.5% from the prior month, up 1.2% over three months, and up 4.9% from a year ago. Over the past two years values have ranged from $330,449 to $357,265.

Homes are going pending in about 12 days, slower than the 8 days seen three months earlier. There are roughly 24,419 homes for sale, 1% more than a year ago. 25.4% of listings have taken a price cut (up from 20.1% three months ago).

Typical rent is $2,210 a month, up 5.1% year over year, which puts the price-to-rent ratio at 13.5.

At this week's 7.40% mortgage rate with 20% down ($71,453), the typical Chicago home costs about $2,425 a month including tax and insurance, which needs a household income of roughly $103,900 to stay under a 28% payment-to-income ratio.

The typical home value ($357,265) is the Zillow Home Value Index for the Chicago - IL metro area: a smoothed, seasonally adjusted estimate of the typical value for middle-tier homes (33rd to 67th percentile) across single-family and condo properties.

Prices are up 4.9% over the past year. In Chicago - IL, that means a home worth $340,577 last year is now worth roughly $357,265.

The median sale price, what homes actually close for, is $347,671. Homes are selling at 100.8% of list price, meaning buyers are typically paying at or above asking.

Homes listed in Chicago - IL sit on the market for roughly 12 days before going pending. Shorter = seller's market; longer = buyer's market.

About 25.4% of current listings have had at least one price cut. High price-cut shares signal sellers are adjusting expectations downward.

Roughly 9,838 new listings hit the market each month in Chicago - IL. There are currently 24,419 homes for sale, up 1.2% from a year ago.

The typical monthly rent in Chicago - IL is $2,210, up 5.1% year over year. On the Rent vs Buy Index that is a price-to-rent ratio of 13.5x, buying territory (#175 of 195 metros). The mortgage on a typical home here, 20% down at today's 7.4% 30-year rate, runs about $1,979 a month in principal and interest, $231 less than renting before taxes, insurance and upkeep. The two break even at a 8.56% rate.

What's not on this page

This is market-level data, not property-level. We don't list individual homes for sale. For that, go to Zillow, Redfin, or your local MLS.

Data: Zillow Research (ZHVI and market indicators), refreshed monthly at the source. This page was rebuilt October 2026. Methodology →