{"id":46517,"date":"2024-07-31T09:54:26","date_gmt":"2024-07-31T16:54:26","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=46517"},"modified":"2026-04-03T09:48:38","modified_gmt":"2026-04-03T16:48:38","slug":"home-values-in-chicago-il","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/home-values-in-chicago-il\/","title":{"rendered":"Home Values in Chicago, IL: How to Maximize Your Sale Price"},"content":{"rendered":"

Wondering about the current value of your home in the Windy City? Whether you’re considering selling, looking to cancel PMI<\/a>, or just curious about home values in Chicago, IL, having this information can help determine your next steps.<\/p>\n

This article covers recent home price trends in Chicago, offers tips for getting a precise home value estimate<\/a>, and outlines easy ways to increase your home’s worth. We\u2019ll also highlight valuable tools to help you get the best price for your Chicago home when you’re ready to sell.<\/p>\n\n\n\n\n\n

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\n \"homelight\n <\/div>\n \n

Already Own a Home? What's It Worth Now?<\/h3>\n

Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.<\/p>\n \n

\n Get Estimate<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n

Editor\u2019s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.<\/em><\/p>\n

<\/div>\n

Current home values in Chicago, IL<\/h2>\n

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<\/a>, according to the Illinois Realtors Association.<\/p>\n

\u201cOur forecasts indicate that prices will begin their typical seasonal decline over the next three months,\u201d 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<\/a> from Illinois Realtors.<\/p>\n

\u201cThe 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.\u201d<\/p>\n

The following table outlines the gradual rise in Chicago home prices over the past five years.<\/p>\n\n\n\n\n\n\n\n\n
Year<\/td>\nMedian home price<\/td>\nPercent change year-over-year<\/td>\n<\/tr>\n
2024 (June)<\/a><\/td>\n$379,925<\/td>\n+6.3%<\/td>\n<\/tr>\n
2023<\/a><\/td>\n$330,000<\/td>\n-1.5%<\/td>\n<\/tr>\n
2022<\/a><\/td>\n$335,000<\/td>\n0%<\/td>\n<\/tr>\n
2021<\/a><\/td>\n$335,000<\/td>\n+6.2%<\/td>\n<\/tr>\n
2020<\/a><\/td>\n$316,000<\/td>\n+7.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: Illinois Realtors Association<\/a><\/em><\/p>\n

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%<\/a> since the start of 2020. This increase has significantly bolstered homeowners’ equity<\/a>, providing them with enhanced financial options.<\/p>\n

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

For comparison, the table below shows median home prices in cities near Chicago:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
City<\/strong><\/td>\nMedian home price<\/strong><\/td>\nDistance from Chicago<\/strong><\/td>\n<\/tr>\n
Evanston<\/td>\n$420,000<\/td>\n35-65 min (14 miles)<\/td>\n<\/tr>\n
Skokie<\/td>\n$405,200<\/td>\n45-85 min (15.3 miles)<\/td>\n<\/tr>\n
Des Plaines<\/td>\n$294,700<\/td>\n45-85 min (27.8 miles)<\/td>\n<\/tr>\n
Wheaton<\/td>\n$428,600<\/td>\n50-90 min (29.2 miles)<\/td>\n<\/tr>\n
Orland Park<\/td>\n$334,700<\/td>\n50-85 min (30.5 miles)<\/td>\n<\/tr>\n
Schaumburg<\/td>\n$305,200<\/td>\n50-100 min (31.7 miles)<\/td>\n<\/tr>\n
Naperville<\/td>\n$570,000<\/td>\n55 – 100 min (33.3 miles)<\/td>\n<\/tr>\n
Palatine<\/td>\n$320,700<\/td>\n50-110 min (34.7 miles)<\/td>\n<\/tr>\n
Arlington Heights<\/td>\n$453,800<\/td>\n55-100 min (35.9 miles)<\/td>\n<\/tr>\n
Elgin<\/td>\n$305,500<\/td>\n60-110 min (40.8 miles)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Home value averages of multiple public transaction sites\u00a0<\/em><\/p>\n

Typical travel times 8 a.m. midweek<\/em><\/p>\n

Next, we\u2019ll walk you through how to find out what your Chicago home is worth.<\/p>\n","protected":false},"excerpt":{"rendered":"

Discover how to estimate and increase home values in Chicago, IL. Get practical tips and tools to boost your sale price.<\/p>\n","protected":false},"author":360,"featured_media":46547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[320,1300,330],"tags":[1302],"class_list":["post-46517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-add-value","category-illinois-real-estate","category-house-value","tag-selling-a-house-in-chicago-metro-area"],"acf":[],"yoast_head":"\nHome Values in Chicago, IL: How to Maximize Your Sale Price<\/title>\n<meta name=\"description\" content=\"Discover how to estimate and increase home values in Chicago, IL. 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