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Illinois Real Estate

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Source: Realtor.com Economic Research, state-level data for September 2026. Market data is updated periodically and deemed reliable but not guaranteed.

About Illinois real estate

Illinois is a tale of two states: Chicago suburbs and downstate markets priced for affordability.

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Expert take: Illinois is one of the few net-outbound states. That means buyer-friendly conditions in many markets. Some suburban markets remain competitive.

By the Numbers

  • $324,950Median listing price statewide
  • 2Active IL REALTORS® on this network
  • 12.5 millionPopulation
  • SpringfieldCapital
  • eXp Realty IllinoisBrokerage

Illinois market snapshot: September 2026

Source: Realtor.com Economic Research, state-level data for September 2026. Market data is updated periodically and deemed reliable but not guaranteed.

  • Median listing price$324,950+2.7% YoY
  • Days on market39median
  • Active listings22,000+on market
  • YoY price change+2.7%12-month

Illinois through experienced eyes

Find a Home Network Perspective Authored by the Find a Home Network.

What makes Illinois different.

Illinois has lost population in 10 of the last 12 years. Property taxes are the second-highest in the country, which significantly impacts total cost of ownership.

Current conditions.

Illinois's median listing price is $324,950, with homes taking a median 39 days to sell and 22,000+ active listings. Read Illinois by metro, not by state.

The single biggest trend.

Illinois is one of the few net-outbound states. That means buyer-friendly conditions in many markets. Some suburban markets remain competitive.

Where to look in Illinois

  • Chicago-Naperville-Elgin

    3rd largest US metro. Submarkets: North Shore luxury (Winnetka, Lake Forest), West Loop urban, Western suburbs (Naperville, Hinsdale).

  • Peoria

    Central Illinois. Caterpillar HQ region. Affordability play.

  • Rockford

    Northern Illinois. Manufacturing base. Lower price point.

  • Springfield

    State capital. Government employment.

  • Champaign-Urbana

    University of Illinois anchor.

Schools & Education

Illinois public schools include New Trier, Stevenson, Hinsdale Central, and Naperville District 203. Chicago Public Schools magnet/selective enrollment is competitive.

Climate & Weather

Humid continental. Hot, humid summers. Cold, snowy winters. Severe weather (tornadoes) in spring across the central and southern parts of the state.

Questions buyers and sellers ask us most

How much do I need for a down payment in Illinois?

For conventional loans, 20% down on the Illinois median of $324,950 would be $64,990. Most Illinois buyers close with 3-5% down via conventional, FHA (3.5% down), or VA (0% for eligible service members). Check with a local lender.

What is the best time of year to buy a home in Illinois?

Late summer through early fall is historically the most favorable buyer window across most US markets, and Illinois follows this pattern. Spring has the most inventory but the most competition. Winter has the least of both.

Can I buy a home in Illinois without seeing it in person?

Yes. A local REALTOR® running video walkthroughs, paired with a thorough inspection contingency, makes a remote purchase manageable. Most Illinois agents are comfortable with this workflow.

How long does it take to close on a home in Illinois?

30-45 days is typical for a financed purchase, and 14-21 days is achievable for cash. The bottleneck is usually appraisal and lender underwriting, not title work.

Guidance That Moves You Forward

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