Illinois (IL) housing market
Warm 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: May 2026
Market snapshot
- Median sale price
- $338K
- Median days on market
- 43 days
- Months of supply
- 2.6
- Active inventory
- 33,168
- Homes sold
- 12,727
- Sale-to-list ratio
- 100.4%
- Listings with price drop
- 17.7%
- Data month
- May 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
- Competitive
- 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. · Appreciation
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.
Warm Market
The market is active with moderate buyer demand.
Illinois market summary
The Illinois housing market is heating up. As of May 2026, the median home sale price is $338K, up 5.9% year-over-year. Homes are spending a median of 43 days on the market, 0.0% shorter than a year ago.
There are 33,168 homes for sale — 2.2% fewer than last year. With 2.6 months of supply, this is a seller's market. 17,188 new listings were added during this period, down 2.0% year-over-year.
Homes are selling for 100.4% of their list price on average, indicating buyers are paying above asking. 43.6% of homes sell above their asking price. 17.7% of listings have had a price drop.
Market Opportunity Score
Based on current market conditions
57
Contributing Factors
How This Market Compares
vs. National Median
Investor takeaway
Prices are 25% 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
Loading chart…
Loading chart…
Loading chart…
Loading chart…
Loading chart…
Loading chart…
Detailed market metrics
Median list price
$351K
Price per sq ft
$208
Sale-to-list ratio
100.4%
Months of supply
2.6
Sold above list
43.6%
Price drops
17.7%
New listings
17,188
↓ 2.0% YoY
Pending sales
15,174
Illinois housing market FAQs
What is the median home price in Illinois?
For the latest published month, the median sale price in Illinois is $338K. 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 2.6 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 43 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.
Chicago, IL
$398K median · 46 days on market
Lake County, IL
$425K median · 44 days on market
Elgin, IL
$395K median · 49 days on market
Peoria, IL
$183K median · 18 days on market
Rockford, IL
$230K median · 11 days on market
Springfield, IL
$210K median · 7 days on market
Champaign, IL
$235K median · 46 days on market
Bloomington, IL
$279K median · 43 days on market
Carbondale, IL
$178K median · 64 days on market
Decatur, IL
$150K median · 29 days on market
Ottawa, IL
$177K median · 57 days on market
Kankakee, IL
$240K median · 65 days on market
Quincy, IL
$182K median · 48 days on market
Sterling, IL
$159K median · 54 days on market
Danville, IL
$126K median · 31 days on market
Charleston, IL
$156K median · 27 days on market
Galesburg, IL
$126K median · 44 days on market
Freeport, IL
$160K median · 44 days on market
Rochelle, IL
$213K median · 19 days on market
Pontiac, IL
$185K median · 36 days on market
Taylorville, IL
$130K median · 53 days on market
Lincoln, IL
$128K median · 13 days on market
Dixon, IL
$192K median · 51 days on market
Macomb, IL
$84K median · 58 days on market
Centralia, IL
$91K median · 52 days on market
Effingham, IL
$246K median · 34 days on market
Mount Vernon, IL
$165K median · 57 days on market
Jacksonville, IL
$158K median · 5 days on market
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.