Current home values in Illinois

Home values have been rising throughout Illinois and are up 11.7% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $358,043, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Illinois: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $358,043 home at 3.33% would give a typical Illinois homebuyer a monthly payment of $1,259, assuming a 20% down payment.

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How the Illinois housing market stacks up

Family sititng in an apple orchard
Iakov Filiminov / Shutterstock
Families can spend some time out of a city by going to nearby apple orchards

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Illinois, they're predicted to rise 4.4%.

Homes right now are going on the market in Illinois at a median price of $117 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Illinois home prices over the last 10 years

Year Avg. Price
2020* $204,556
2019 $183,163
2018 $176,308
2017 $167,400
2016 $159,450
2015 $153,075
2014 $146,975
2013 $140,117
2012 $136,067
2011 $143,358
2010 $156,258
2009 $168,025

*2020 price average through March 31, 2020.

Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.

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How much for an average-sized home?

Here's what a 2,500-square-foot home in Illinois is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $291,746
2019 $332,500
2018 $322,500
2017 $312,500
2016 $295,000
2015 $282,500
2014 $272,500
2013 $257,500
2012 $252,500
2011 $262,500
2010 $295,000
2009 $312,500

*2020 price average through March 31, 2020.

Get peace-of-mind on your home insurance

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