Illinois (IL) housing market
Cool MarketStatewide monthly sale-market indicators for rental investors — not a substitute for local rent comps, taxes, or insurance, but a fast read on price level, pace, and negotiation pressure.
Data period: September 2026
Market snapshot
- Median sale price
- $323K
- Median days on market
- 52 days
- Months of supply
- 2.9
- Active inventory
- 45,829
- Homes sold
- 11,219
- Sale-to-list ratio
- 99.1%
- Listings with price drop
- 13.4%
- Data month
- September 2026
Pair this view with the rental property calculator, DSCR calculator, and cap rate calculator — or browse all calculators.
Rental Investor Snapshot
Labels below come from monthly sale-market indicators only. True cash flow requires local rent, taxes, insurance, vacancy, and expense assumptions — model those in the rental calculator, then sanity-check against sale-speed signals here.
- Market temperature
- Balanced
- Buyer leverage
- Medium
- Pricing signal vs. U.S. median
- Easier buy-in vs. U.S. median (price only)
- Investor fit (heuristic)
- Buy-in vs. U.S.
Suggested next step: Run a rental property analysis with your own rent, financing, vacancy, and expense assumptions — then sanity-check against this market's sale-speed and negotiation signals.
Cool Market
Buyer activity is slowing, creating more negotiating room.
Illinois market summary
The Illinois housing market is cooling down. As of September 2026, the median home sale price is $323K, up 7.1% year-over-year. Homes are spending a median of 52 days on the market, 2.0% longer than a year ago.
There are 45,829 homes for sale — 2.0% more than last year. With 2.9 months of supply, this is a seller's market. 13,666 new listings were added during this period, up 0.8% year-over-year.
Homes are selling for 99.1% of their list price on average, suggesting room for negotiation. 32.6% of homes sell above their asking price. 13.4% of listings have had a price drop.
Market Opportunity Score
Based on current market conditions
65
Contributing Factors
How This Market Compares
vs. National Median
Investor takeaway
The cooling market may present buying opportunities with less competition and more negotiating leverage. Prices are 18% below the national median on this sale snapshot — that can mean lower buy-in, but cash flow still depends on local rent, financing, and expenses.
Illinois market trends
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Detailed market metrics
Median list price
$328K
Price per sq ft
$193
Sale-to-list ratio
99.1%
Months of supply
2.9
Sold above list
32.6%
Price drops
13.4%
New listings
13,666
↑ 0.8% YoY
Pending sales
12,847
Illinois housing market FAQs
What is the median home price in Illinois?
For the latest published month, the median sale price in Illinois is $323K. Median means half of homes sold above that price and half below — it is a useful benchmark, not a rule for every listing.
Is Illinois a buyer's or seller's market?
With about 2.9 months of supply, conditions often favor sellers (inventory is relatively tight versus sales pace). Buyers may need to move quickly and keep offers competitive.
How long do homes stay on the market in Illinois?
For the latest published month, the median days on market in Illinois is 52 days — half of homes went pending faster and half slower.
Is Illinois good for rental property investors?
Sale-market stats show how competitive buying is (speed, negotiation, inventory). They do not prove rent performance. Illinois can still work for rentals if the numbers work on a deal-by-deal basis — use local rent comps, financing, vacancy, and expenses in the rental property calculator.
How should investors analyze a rental property in Illinois?
Start with purchase price, financing, rent, vacancy, operating expenses, and capital repairs. Stress-test rates and rent. Will It Flow’s rental property calculator is built to translate those inputs into cash flow, DSCR, cap rate, and cash-on-cash return for Illinois deals.
Metro markets in Illinois
Open a metro for the same investor snapshot and trends, then run a shortlist through the DSCR calculator and cap rate calculator.
More Illinois housing market data
Compare how Illinois fits nationally on the U.S. housing market overview, or browse the top 100 U.S. metro housing markets by sales activity.
New to underwriting? Read how much cash it takes to buy a rental in 2026 — then stress-test assumptions in the calculators above.
Underwrite a Illinois rental with real numbers
Cash flow, Cap Rate, DSCR, and cash-on-cash return — built for speed without skipping rigor.
Housing market data provided by Redfin, a national real estate brokerage. Not financial advice. Always consult a qualified professional before making investment decisions.