Market Overview
Home Prices in Chicago, IL
The median home value in Chicago, IL is $335,521 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.9% compared to a year ago and up 1.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Chicago are priced18% below average. Chicago is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Chicago home values have risen by approximately11.2%, reflecting steady appreciation in this market.
Price History
Chicago Home Price Trend
City Comparison
Chicago vs. National Median
At $335,521, homes in Chicago cost 18% below the national median of $410,000. This makes Chicago a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Chicago?
20% Down Payment
$67,104
on $335,521
Monthly P&I
$1,750/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,223/mo
incl. taxes & insurance
Income Needed
$88,920
gross annual (30% rule)
10% Down Option
$33,552
+ PMI applies
Loan Amount (20% dn)
$268,417
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Chicago, IL?
The median home value in Chicago is $335,521 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.9% year-over-year.
How much have home prices changed in Chicago?
Over the past year, home values in Chicago have increased by 3.9%. Over five years, prices have risen approximately 11.2%.
How much do I need to earn to buy a home in Chicago?
To comfortably afford the median home price of $335,521 with a 20% down payment ($67,104) at today's rates (6.8%), you'd need a gross annual income of approximately $88,920. This assumes keeping total housing costs at or below 30% of gross income.
How does Chicago compare to the national average home price?
The national median home value is approximately $410,000. At $335,521, homes in Chicago are 18% below the national average.
What metro area is Chicago part of?
Chicago is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.