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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.

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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.

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About the Author

Doug Whiteman

Doug Whiteman

Former Editor-in-Chief

Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

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Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.