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Chicago, IL Housing Market In August 2022, the median listing home price in Chicago, IL was $350K, trending up 1.4% year-over-year. The median listing home price per square foot was $253. The median home sold price was $315K.
Chicago area homes are among the best deals in the country with a median home sale price of $253,000 and a down payment of $27,000 at 11 percent. At that price, homebuyers would need to save $2,231 a month for one year, $730 for three years or $430 for five.
Real Estate Agent Salary in Chicago, IL Annual SalaryMonthly PayTop Earners$149,059$12,42175th Percentile$102,799$8,566Average$92,329$7,69425th Percentile$61,679$5,139
Average Home Price in Chicago The median home price in Chicago is $340,000 in summer 2021. That's down from $375,000 in spring 2020. By comparison, the average Chicago rent is $2,012, although it's under $1,000 in some neighborhoods and up to $2,700 in high-cost areas.
The average salary for a realtor is $100,919 per year in Chicago, IL.
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Some states mandate that home buyers hire an attorney for the real estate closing while others stay silent on the matter. Illinois is one of the states that does require you to have a lawyer review your purchase agreement before finalizing your home purchase.
Key Market Stats: Median listing price of a single-family home in Chicago is $349,900 based on the most recent report from (April 2022). Median list price per square foot for a home in Chicago is $264. Days on market (median) is 56. Median selling price of a home in Chicago is $365,000.
Unlike a real estate closing attorney who can only legally represent one party in a transaction, dual agency in real estate sales is legal. As long as the agent fully discloses the relationship to both buyer and seller and receives their written consent, there is no restriction in representing both.
The buyer's broker is required by Illinois law to represent your interests. Even if they conflict with their own interests.
In Chicago in 2020, all signs point to yes. First, it's affordable: The median sale price is $288,000, far less than major cities on the coasts. Interest rates also remain at historic lows, meaning that money is inexpensive to borrow. And finally, homebuying in Chicago is predicted to get more competitive.

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