What to Know About the Illinois Housing Market Right Now

The housing market can be overwhelming, but here at Edward R. James Companies, we have all the information you need for a smooth process in Illinois. Keep reading to learn more about the Illinois housing market today, and get in touch with us if you are looking to buy a home! Whether it’s your first home or your next home, Edward R. James Companies is committed to creating the perfect home for you.

Buying

While overall housing prices are increasing, the average prices in Illinois are lower than the national median. These low prices can offset mortgage rates, which are stabilizing around 6.7%. However, the inventory of houses are low, making it trickier to find everything you want in your home, and you might encounter more bidding wars with other home buyers.

Selling

Some also say Illinois is currently a “seller’s market” with high demand for homes and low inventory. This means interest rates increase and more buyers paying over listing price. Property values in Illinois are also rising, making this a great time to sell your home for more worth.

Renting

The renting market temperature in Illinois is warm, as renters continue to find affordable places due to rent in Illinois being nearly 14% lower than national averages. While monthly rates have decreased since August 2023, the year-over-year charge has increased since 2022.

Market Forecast

The sales prices of Illinois are forecasted to slightly dip, while still higher than in 2022. With this dip, total home sales are estimated to also increase. Rental prices will increase as property taxes rise. There is no forecast of a housing crash, though the market typically slows down a bit towards the end of the year.

The housing market of Illinois has a lot to offer, and has a place for everyone to feel at home. The best way to navigate the housing market is with a real estate agent at your side. Our team understands everyone has unique needs for their homes, and it’s our mission to bring those to life in a house that will always feel like home. Contact Edward R. James Companies to meet with an agent today!

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