Illinois Market Overview
Illinois presents a tale of two markets: Chicago (and its affluent suburbs) versus downstate. The Chicago metro is genuinely competitive, with the city's core neighborhoods — Lincoln Park, Lakeview, Bucktown — attracting strong demand despite the state's fiscal headwinds. Downstate markets offer extraordinary affordability but face demographic and economic challenges. Property taxes are the defining issue for Illinois buyers — among the highest in the nation, they materially affect monthly costs and resale values.
Do the property tax math before falling in love with a home. Illinois property taxes can add $500–$1,500/month to your effective housing cost. Compare net cost to ownership, not just purchase price.
Be realistic about property tax headwinds. Buyers do the math. Competitive pricing that accounts for high taxes will outperform wishful pricing every time.
Top Cities in Illinois
| City | Median Price | YoY Change | Days on Market | Price/Sqft |
|---|---|---|---|---|
| Chicago | $348K | +3.8% | 24d | $218 |
| Naperville | $478K | +3.2% | 21d | $248 |
| Peoria | $148K | +1.8% | 48d | $84 |
| Rockford | $158K | +2.4% | 38d | $88 |
Market Health Indicators
Buyer Demographics
Affordability Calculator — Illinois
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