Chicago - IL housing market
The Chicago metro has a typical home value of $355,650, up 5.0% from a year ago. Homes are moving fast at 14 days on market, a strong seller's market. 28% of listings have had a price cut. Data from Zillow Research, updated monthly.
Chicago housing market, October 2026
The typical Chicago home is worth $355,650 as of September 2026, up 0.5% from the prior month, up 1.5% over three months, and up 5.0% from a year ago. Over the past two years values have ranged from $328,287 to $355,650.
Homes are going pending in about 14 days, slower than the 9 days seen three months earlier. There are roughly 24,326 homes for sale, 1% more than a year ago. 27.5% of listings have taken a price cut (up from 21.3% three months ago).
Typical rent is $2,163 a month, up 4.9% year over year, which puts the price-to-rent ratio at 13.7.
At this week's 7.40% mortgage rate with 20% down ($71,130), the typical Chicago home costs about $2,415 a month including tax and insurance, which needs a household income of roughly $103,500 to stay under a 28% payment-to-income ratio.
Income needed to buy assumes 20% down, a 30-year fixed mortgage at 7.4% (Freddie Mac weekly average), property tax at 1.1% and insurance at 0.4% of value per year, and a 28% payment-to-income cap. Local taxes and insurance vary; treat it as a comparison figure across metros, not a lender's answer. All metros ranked →
How to read this data
The typical home value ($355,650) 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 5.0% over the past year. In Chicago - IL, that means a home worth $338,714 last year is now worth roughly $355,650.
The median sale price, what homes actually close for, is $349,154. Homes are selling at 100.5% of list price, meaning buyers are typically paying at or above asking.
Homes listed in Chicago - IL sit on the market for roughly 14 days before going pending. Shorter = seller's market; longer = buyer's market.
About 27.5% of current listings have had at least one price cut. High price-cut shares signal sellers are adjusting expectations downward.
Roughly 9,037 new listings hit the market each month in Chicago - IL. There are currently 24,326 homes for sale, up 1.0% from a year ago.
The typical monthly rent in Chicago - IL is $2,163, up 4.9% year over year. On the Rent vs Buy Index that is a price-to-rent ratio of 13.7x, buying territory (#171 of 195 metros). The mortgage on a typical home here, 20% down at today's 7.4% 30-year rate, runs about $1,970 a month in principal and interest, $193 less than renting before taxes, insurance and upkeep. The two break even at a 8.38% 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 →
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Other metros in IL
| Metro | Home value | 1-yr change | Days on market |
|---|---|---|---|
| Peoria - IL | $174,845 | +6.4% | 10.0d |
| Davenport - IA | $194,778 | +4.8% | 14.0d |
| Rockford - IL | $222,178 | +8.5% | 7.0d |