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Home Values Are Heating Up in Illinois

Doug Whiteman
Home Values Are Heating Up in Illinois

Thanks to ultra-low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Illinois?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Illinois is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Illinois

Home values have been rising throughout Illinois and are up 3.93% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $182,600, Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.57%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.57% and the median home price for Illinois at $182,600, a representative monthly mortgage payment would be $827.

How the Illinois housing market stacks up

marchello74 / Shutterstock
A view from the suburbs all the way to downtown Chicago, Illinois

Property values in Illinois are high by historical standards and are lower than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Illinois, they're expected to rise 4.05%.

Homes are going on the market in Illinois at a median price of $133 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.