Chicago Home Prices & Values

$181,200 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 3.4% 1-year change
  • -0.7% 1-year forecast

Market Temperature: Very HotWhat's This?
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Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this city relative to other cities in the same metropolitan area. A particular city may be identified as a good market for buyers in a metro market favorable to sellers overall. Learn more

Buyers' Market Sellers' Market

The median home value in Chicago is $181,200. Chicago home values have gone up 3.4% over the past year and Zillow predicts they will fall -0.7% within the next year. The median list price per square foot in Chicago is $196, which is higher than the Chicago Metro average of $136. The median price of homes currently listed in Chicago is $268,000 while the median price of homes that sold is $289,100. The median rent price in Chicago is $1,700, which is higher than the Chicago Metro median of $1,638.

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Chicago is 7.6%, which is higher than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Chicago homeowners underwater on their mortgage is 33.1%, which is higher than Chicago Metro at 27.1%.

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Relative ZHVI
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Chicago Market Overview

Data through Jul 31, 2014
  • $181,200 ZHVI
  • -0.7% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (Jul 31, 2015)
  • $268,000 Median listing price
  • $289,100 Median sale price
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Chicago Market Health

Data through Jul 31, 2014
  • 0.1/10 Less healthy What's This?  
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    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.

  • No data Average days on Zillow
  • 33.1% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 7.6% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)
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Neighborhoods in Chicago

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Pilsen $220,700 University Village - Little Italy $210,200 Tri-Taylor $201,900
Heart of Chicago $171,600 McKinley Park $165,900 Archer Heights $151,000
Brighton Park $140,600 Gage Park $110,200 Back of the Yards $93,800

Listings & Sales

Data through Jul 31, 2014
  • $196 Median list price / sq ft
  • $216 Median sale price / sq ft
  • 36.8% Listings with price cut
31.1%
Sold below listing
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Chicago Rentals

Data through Jul 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$1,701 Chicago
$1,639 Chicago Metro
$1,318 United States
  • 2.0 Breakeven horizon What's This?  
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    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more

    (Jun 30, 2013)
  • $1,700 Rent list price
  • No data Rent list price / sq ft
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