Illinois’s real estate market exhibits a complex landscape marked by rising home prices, slight declines in sales volume, and modest increases in inventory. While affordability remains a challenge, the market shows signs of stabilization, offering opportunities for both buyers and sellers.
🏡 Statewide Market Overview
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Median Sale Price: In April 2025, the median sale price for homes in Illinois reached $310,000, a 6.2% increase from $292,000 in April 2024.
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Home Sales Volume: Approximately 11,308 homes were sold statewide in April 2025, marking a 3.4% decrease compared to April 2024.
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Inventory Levels: The number of homes available for sale rose to 17,819 in April 2025, a 4.2% increase from the previous year.
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Median Days on Market: Homes spent a median of 36 days on the market in April 2025, indicating a relatively brisk pace of sales.
🌆 Regional Highlights
Chicago Metro Area
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Median Sale Price: The median price in the Chicago Metro Area rose to $370,000 in April 2025, a 5.7% increase from $350,000 in April 2024.
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Home Sales Volume: Sales totaled 7,857 homes in April 2025, a 4.2% decrease from April 2024.
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Inventory Levels: The number of homes for sale increased by 3.6%, reaching 11,791 in April 2025.
City of Chicago
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Median Sale Price: Home prices in the city rose to $399,000 in April 2025, an 8.0% increase from $369,500 in April 2024.
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Home Sales Volume: Sales declined by 6.1%, with 2,091 homes sold in April 2025 compared to 2,227 in April 2024.
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Inventory Levels: The number of homes for sale decreased by 12.2%, totaling 4,085 in April 2025.
🏘️ Suburban Market Snapshots
Elburn
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Median Sale Price: $393,000
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Days on Market: 32 day
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Sold-to-List Price Ratio: 101.4%, indicating homes often sell above asking price
Geneva
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Median Sale Price: $545,000
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Market Conditions: Low inventory with stable to rising prices, reflecting a robust market
Wilmington
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Median Sale Price: $360,000
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Market Dynamics: Low inventory leading to multiple-offer situations; sellers benefit from high demand
📊 Market Trends and Outlook
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Affordability: Illinois remains one of the more affordable states, with a median sale price of $297,000, approximately 29.2% lower than the national average.
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Mortgage Rates: The average 30-year mortgage rate in Illinois is around 6.91%, slightly below the national average, impacting buyer purchasing power.
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Market Balance: The combination of rising prices, modest inventory increases, and slight declines in sales volume suggests a shift towards a more balanced market, offering opportunities for both buyers and sellers.
🔮 Conclusion
Illinois’s real estate market in 2025 is characterized by rising home prices and a slight cooling in sales activity. While affordability challenges persist, the market shows signs of stabilization, with increased inventory and moderate days on market. Buyers should be prepared for competitive conditions, especially in desirable areas, while sellers can capitalize on the continued demand.