Frequently Asked Questions About Real Estate in Chicago, Illinois
How is the housing market in Chicago or Illinois in general?
Find out through Jeff Buys Your House’s answers to some of the most common questions.
In August 2025, the average home value was $282,573, up 3.6% compared to the previous year. In the previous month, 45.9% of properties sold for more than their listing price, while 39.8% sold below asking.
Yes, you can sell a home as-is in Illinois, especially if you do not have the resources for renovations. Cash buyers, such as Jeff Buys Your House, specialize in these types of sales, offering fair cash offers and closing in as little as seven days.
Illinois has some neighborhoods with much lower home values than the state average, including Oaklawn Fairweight, Center City, North Valley, Rabbittown, and Bunn Park. In Oakland Fairweight, current figures hover around $30,018.
The most affordable areas to live in Chicago are the following:
- Far Southeast Side
- Southwest Side
- Far Southwest Side
- South Side
- Northwest Side
- Rogers Park
- Far North Side
- West Side
These neighborhoods combine lower-than-average rents with transit access, safety, and space.
Yes. Chicago offers a mix of economic diversity, strong rental demand, and opportunities for quick returns and long-term appreciation. Multi-unit buildings and well-located single-family properties often produce solid rental income, while luxury condos attract higher-income tenants.
As of April 2025, neighborhoods like Oaklawn Fairweight, Center City, North Valley, Rabbittown, and Bunn Park remain some of the most affordable. Springfield’s Lincoln Park area also offers low-cost housing, with home values around $89,141.
In 2024, the typical starter home cost $160,200; you would need to earn at least $38,369 annually. That said, Chicago’s prices can be higher, with the median starter home price closer to $254,243.
Historically, Illinois properties are priced about $26,613 less than the median listing price during January. However, winter shopping usually brings fewer options.
According to U.S. News & World Report, Decatur, Illinois, ranks as the most inexpensive place to live nationwide, and Springfield is not far behind at #4. Both cities offer a cost of living far below the national average.
Mortgage rates are near 11-month lows because of a recent Fed rate cut. Buyers have more purchasing power! The decision ultimately depends on you. If you are financially ready and stable in your job, then yes, it is a great time.
Yes. Craigslist.org has a section for housing, and many homeowners list their properties there when selling without hiring a realtor. Be extra cautious, though, as the site can attract scammers. Verify buyers first and never provide sensitive information.
The fastest way to sell a home is by going directly to a cash buyer, such as Jeff Buys Your House. We skip the repairs, the staging, and the waiting. Simply call (630) 576-9468 or request a free cash offer online.
Cash investors typically base their offers on a property’s after-repair value (ARV). A common rule of thumb is that they pay 70% of the ARV minus the cost of repairs. The more work your home requires, the lower the offer will be.
Generally, working with a real estate agent can net you the highest sale price, but you would also need to invest in repairs, cleaning, staging, and be ready to pay commissions. In Illinois, the average commission is 5.56%. For fair cash without outlays and waiting, turn to cash buyers instead.
You may post a For Sale by Owner (FSBO) listing on Zillow for free. Your listing also appears on Trulia for access to more potential buyers.
Zillow’s Home Value Index (ZHVI) is very reliable. The algorithm Zestimate has a median error rate of 1.83% for on-market homes and 7.01% for off-market homes.
You may fix it up and then list with a realtor or bypass the work and sell directly to a cash buyer. Companies like Jeff Buys Your House will present you with a fair cash offer, no matter the condition.
Home prices and mortgage rates remain high, but buying now means you start building equity immediately. You also lock in today’s interest rates before they rise again.
Buying a property in foreclosure involves getting pre-approved for financing, working with an experienced agent, and searching listings, such as those from the Illinois Housing Development Authority (IHDA). Make an offer, do your due diligence, and get an appraisal before closing. IHDA offers mortgage products at affordable rates and down payment assistance to qualified buyers.
Decatur was ranked the most affordable city in the entire country, and Springfield ranked fourth. Springfield’s median home value is $153,738, much lower than the U.S. average.
To purchase a foreclosed home in Chicago, search for properties and consult a real estate agent. Get pre-approved or prepare a cash offer, and then buy as-is. Foreclosures do not usually come with repairs or warranties.
Illinois is one of the more reasonable states for middle-class buyers. Even Chicago neighborhoods offer affordable urban living options.
The cost of living is 17.2% higher than Elgin. To maintain the same lifestyle you have in Elgin, you would need to earn about $209,289 in Chicago.
