As we move deeper into 2025, the Illinois housing market is offering a mix of opportunity and uncertainty. Whether you're buying your next home or preparing to sell, understanding the latest trends can help you make a smart move in today's ever-evolving landscape.
Home Values Are Rising Statewide The average home value in Illinois has climbed to $267,229, marking a 5.7% increase over the past year. While that’s good news for sellers, buyers are feeling the pressure of rising prices paired with elevated mortgage rates.
Chicago Metro Market Cooling Slightly In Chicago, the median home listing price is $344,900, down 4.2% year-over-year. Homes are taking an average of 45 days to sell, giving buyers slightly more breathing room than in past years. This shift indicates a more balanced market, which could present opportunities for well-prepared buyers.
Wilmington Sees Modest Growth In Wilmington, IL, median home prices reached $196,500 in early 2025, showing an 8.4% increase year-over-year. Homes are averaging 38 days on market, and with fewer total sales, buyers may find more negotiating power in this area. For sellers, pricing strategically and marketing effectively is key.
New Legislation Aims to Help First-Time Buyers Senate Bill 148, currently in discussion, would allow Illinois residents to open tax-deductible savings accounts specifically for purchasing a home. This initiative is designed to make first-time homeownership more accessible amid affordability challenges.
Market Activity Is Picking Up Statewide, 7,698 homes closed in February 2025—an increase from last year. Experts expect home sales to rise by 9-13% this year, especially as mortgage rates show early signs of easing. Increased inventory, steady job growth, and buyer incentives are making Illinois a market to watch.
The Bottom Line Illinois is showing signs of strength and stability, especially for sellers in popular areas and buyers ready to act quickly. With new tools, shifting market dynamics, and favorable legislation in the works, 2025 is shaping up to be a pivotal year for Illinois real estate.
Ready to make your move? I’m a top 0.1% Zillow agent with access to Zillow Showcase, a premium marketing tool available to only 10% of agents nationwide. Let’s talk strategy and get your next move started today.
📲 Visit piercysells.com/sellers or call/text 815-205-0395 to get started.
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