Home Values

Chicago Metro Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$187,500

  • 3.6% 1-year change
  • 0.6% 1-year forecast

Market Temperature

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 metro relative to other metros across the US. A particular metro may be identified as a good market for buyers in a national market favorable to sellers overall. Learn more

Cold

Buyers' Market
Sellers' Market

The median home value in Chicago Metro is $187,500. Chicago Metro home values have gone up 3.6% over the past year and Zillow predicts they will rise 0.6% within the next year. The median list price per square foot in Chicago Metro is $127, which is higher than the Illinois average of $115. The median price of homes currently listed in Chicago Metro is $209,900 while the median price of homes that sold is $208,375. The median rent price in Chicago Metro is $1,500, which is higher than the Illinois median of $1,450.

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 Metro is 7.6%, which is higher than the national value of 6.4%. 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 Metro homeowners underwater on their mortgage is 25.3%, which is higher than Illinois at 23.8%.

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Relative ZHVI
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Chicago Metro Market Overview

Data through Jan 31, 2015
  • $187,500 ZHVI
  • 0.6% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Jan 31, 2016)
  • $209,900 Median listing price
  • $208,375 Median sale price
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Chicago Metro Market Health

Data through Jan 31, 2015
  • 0.3/10 Less healthy
    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.
    (Dec 31, 2014)
  • 121 Average days on Zillow (Dec 31, 2014)
  • 25.3% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 7.6% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)
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Cities in Chicago Metro

Name Median ZHVI
Naperville $370,600
Plainfield $213,900
Chicago $183,100
Name Median ZHVI
Elgin $154,800
Aurora $146,900
Cicero $124,300
Name Median ZHVI
Kenosha $120,700
Joliet $116,300
Waukegan $100,000

Listings & Sales

Data through Jan 31, 2015
  • $127 Median list price / sq ft
  • $142 Median sale price / sq ft
  • No data Listings with price cut
36.4%
Sold below listing
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Chicago Metro Rentals

Data through Jan 31, 2015
  • Zillow Rent Index

  • $1,609 Chicago Metro
    $1,445 Illinois
    $1,350 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 2.0 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $1,500 Rent list price
  • $1.42 Rent list price / sq ft
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