Home Values in Chicago, IL: How to Maximize Your Sale Price
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Kelsey Morrison Former HomeLight EditorClose
Kelsey Morrison Former HomeLight EditorKelsey Morrison worked as an editor for HomeLight's Resource Centers. She has seven years of editorial experience in the real estate and lifestyle spaces. She previously worked as a commerce editor for World of Good Brands (eHow.com and Cuteness.com) and as an associate editor for Livabl.com. Kelsey holds a bachelor’s degree in Journalism from Concordia University in Montreal, Quebec, and lives in a small mountain town in Southern California.
Wondering about the current value of your home in the Windy City? Whether you’re considering selling, looking to cancel PMI, or just curious about home values in Chicago, IL, having this information can help determine your next steps.
This article covers recent home price trends in Chicago, offers tips for getting a precise home value estimate, and outlines easy ways to increase your home’s worth. We’ll also highlight valuable tools to help you get the best price for your Chicago home when you’re ready to sell.
Already Own a Home? What's It Worth Now?
Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Chicago, IL
Home values in Chicago have seen a significant increase since 2020, climbing approximately 20%. The median home price has jumped from $316,000 at the start of the decade to $379,925 this past June, according to the Illinois Realtors Association.
“Our forecasts indicate that prices will begin their typical seasonal decline over the next three months,” said Dr. Daniel McMillen, Professor of Real Estate and Associate Dean for Faculty Affairs at the University of Illinois-Chicago College of Business Administration, in a June 2024 press release from Illinois Realtors.
“The number of sales is forecast to decline also. Surveys indicated that consumer confidence in the economy remains at approximately the same level that it has been for the past few months.”
The following table outlines the gradual rise in Chicago home prices over the past five years.
| Year | Median home price | Percent change year-over-year |
| 2024 (June) | $379,925 | +6.3% |
| 2023 | $330,000 | -1.5% |
| 2022 | $335,000 | 0% |
| 2021 | $335,000 | +6.2% |
| 2020 | $316,000 | +7.1% |
Source: Illinois Realtors Association
Nationally, home prices have followed a similar upward trajectory. According to the Case-Shiller National Home Price Index, U.S. home prices have climbed by 47% since the start of 2020. This increase has significantly bolstered homeowners’ equity, providing them with enhanced financial options.
As of early 2024, the ICE Mortgage Monitor report indicates that the average mortgage-holding homeowner holds $299,000 in equity. This financial cushion can be used to purchase new properties, fund renovations, pay off debt, or save for the future.
For comparison, the table below shows median home prices in cities near Chicago:
| City | Median home price | Distance from Chicago |
| Evanston | $420,000 | 35-65 min (14 miles) |
| Skokie | $405,200 | 45-85 min (15.3 miles) |
| Des Plaines | $294,700 | 45-85 min (27.8 miles) |
| Wheaton | $428,600 | 50-90 min (29.2 miles) |
| Orland Park | $334,700 | 50-85 min (30.5 miles) |
| Schaumburg | $305,200 | 50-100 min (31.7 miles) |
| Naperville | $570,000 | 55 – 100 min (33.3 miles) |
| Palatine | $320,700 | 50-110 min (34.7 miles) |
| Arlington Heights | $453,800 | 55-100 min (35.9 miles) |
| Elgin | $305,500 | 60-110 min (40.8 miles) |
Home value averages of multiple public transaction sites
Typical travel times 8 a.m. midweek
Next, we’ll walk you through how to find out what your Chicago home is worth.
How to get a home value estimate
Need to know your Chicago home’s exact value? Whether you’re calculating net proceeds or crafting a competitive listing price, there are multiple resources to help you nail it down.
Use an online home value estimator
One of the quickest ways to get an estimate is by using an online home value estimator (HVE). These tools use data from county records, user submissions, and MLS listings to come up with a ballpark value range. HomeLight’s estimator takes things a step further by asking seven straightforward questions about your home, generating a more accurate estimate in less than two minutes. Using a free tool like HomeLight’s HVE can be an excellent starting point for your home-selling journey.
Request a comparative market analysis
An online home value estimator is a good start, but for a more precise estimate, you might want to request a comparative market analysis (CMA) from a local real estate agent.
A CMA compares your property with similar homes recently sold in your area, considering factors like bedrooms, bathrooms, square footage, age, location, upgrades, and nearby amenities.
These reports often include charts, graphs, photos, and other details to give you a complete picture of your home’s worth. While many agents will provide a CMA for free, some may charge a small fee. Typically, if you list your home with an agent, a CMA is part of their service.
If you’re considering selling and haven’t yet teamed up with an agent, HomeLight can connect you with top professionals in Chicago. The service is free for sellers and buyers, and it only takes two minutes to get matched with up to three top-performing agents. Since agents don’t pay to be listed, you can trust their ability to sell your home for more money. According to HomeLight’s internal data, the top 5% of listing agents sell homes for up to 10% more than the average agent.
Get a pre-listing appraisal
While a CMA from a top agent provides a solid estimate, some situations call for a pre-listing appraisal for a more accurate home value.
This might be necessary if your home has unique features, is in a rural area with few comparable sales, or comes with a lot of land. Getting a professional appraisal helps make sure your asking price reflects the home’s true value.
A pre-listing appraisal costs around $450 to $550, but you should expect to pay more for complex properties like horse farms or luxury homes. Keep in mind that even with a pre-listing appraisal, the buyer’s lender will still require an appraisal for the loan amount.
How to increase the value of your home in Chicago, IL
Want to get top dollar for your Chicago home? Check out these valuable tips to enhance its appeal to buyers.
Curb appeal: First impressions matter. According to a survey by the National Association of Realtors, 92% of realtors say that improving curb appeal before listing is crucial. Simple tasks like power washing, mowing the lawn, and adding fresh mulch can make your listing stand out.
Strategic updates: Invest in home improvements that yield high returns. Projects such as refinishing floors, updating kitchens and bathrooms, and painting the walls in a neutral color are smart choices. Zonda’s 2023 Cost vs. Value report also shows that replacing a garage door recoups an impressive 103% of the cost.
Necessary fixes: Addressing critical repairs like a damaged roof, faulty plumbing, or electrical issues can prevent potential deal-breakers during inspections. Consult with your agent to determine which projects are worth tackling to make sure your home is market-ready.
Decluttering and depersonalizing: Clearing out personal items and excess furniture makes it easier for buyers to picture themselves living in your home. A HomeLight Top Agent Insights Survey found that decluttering can add $8,000 or more to your sale price. Depersonalizing is equally important for creating a neutral, inviting space, and involves removing family photos, religious items, collectibles, and memorabilia.
Deep cleaning: A thoroughly cleaned home attracts more buyers. Another HomeLight survey reveals that deep cleaning can increase your home’s value by $3,700. Put some elbow grease into cleaning carpets, grout, and windows and removing dust from all surfaces (don’t forget the baseboards!).
Home staging: Professionally staging your home can highlight its best features and help it sell faster. HomeLight’s most recent survey shows that staged homes tend to sell for up to 13% more than unstaged homes. Effective staging helps buyers imagine themselves in the space and establishes a clear purpose for each room.
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in Chicago, IL
If you’re exploring home values in Chicago because you’ve already found your ideal next home, HomeLight’s Buy Before You Sell (BBYS) program could be a game-changer for you.
BBYS allows you to unlock a portion of your current home’s equity to make a competitive, non-contingent offer on a new property. If your home qualifies, you can access this equity within 24 hours with no upfront fees or obligations. This allows you to buy your new home first and then sell your old one, eliminating the hassle of moving twice.
HomeLight charges a flat fee of 2.4% of your current home’s sold price. If your home doesn’t sell within 90 days after you close on your new property, HomeLight will purchase it and continue the sale process. Any profits from the sale, after deducting HomeLight’s costs, will be passed on to you.
For more information about HomeLight’s Buy Before You Sell program, press play on the video below:
How to find a top agent in Chicago, IL
Partnering with an experienced real estate agent in Chicago can make all the difference in your home-selling experience. Start with HomeLight’s agent matching service, a free tool that matches you with up to three top agents based on their track record, specialties, and local market expertise. Agents don’t pay to be featured, ensuring you get helpful, unbiased recommendations.
One critical factor in choosing an agent is their sale-to-list ratio. This ratio compares the final sale price of a home to its original listing price. A high ratio indicates the agent’s ability to price homes accurately and negotiate effectively, maximizing your potential sale price.
Before making your decision, it’s important to interview at least three real estate agents. This helps you understand their strategies and how they plan to sell your home. During the interview, consider asking questions such as:
- How long have you been in business?
- How well do you know this neighborhood?
- What types of homes and price ranges do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
By using HomeLight’s agent match tool and asking these questions, you can find a top-performing agent who understands the local market and can help you sell your home for the best possible price.
Get a free preliminary home estimate today
Understanding your home’s value is key to making good financial decisions. It can guide you whether you’re thinking of selling or getting a loan based on your home’s equity. HomeLight’s free home value estimator offers a fast and convenient way to get an initial estimate of your home’s worth.
HomeLight also offers services to connect you with top real estate agents who can help you get the best price or unlock your equity to buy a new house before selling your current one. Keeping up with market trends in Chicago and using HomeLight’s handy tools can help you get the most value from your home.
Header Image Source: (Leo Heisenberg/Unsplash)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- "Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- "Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- " Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- " February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
- "Illinois home sales fell, median prices reached new high and inventory ticked up in June", Illinois REALTORS® (June 2024)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
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