Here’s a look at Illinois home values throughout the state

Illinois Home Values See Significant Surge in 2022

According to the latest data from Zillow’s Home Value Index, home values in Illinois have experienced a substantial increase, with a 4.5% year-over-year surge. This represents a significant rise of over $10,000 since October 2021. Over the course of the last two years, home values in the state have grown by almost 13%, equivalent to a near $30,000 increase.

The average value of a home in Illinois is currently just over $252,000, but in certain areas, this figure significantly surpasses the state average. For example, DuPage County boasts the highest average home value in the state, at approximately $423,000. Following closely are other northeastern Illinois counties with high-priced real estate markets, such as Lake, Kane, Kendall, and Cook.

Conversely, in downstate Illinois, home values are notably lower. Alexander County, located at the southern tip of the state, has the lowest average home value at $66,000. Similarly, Edgar, Hamilton, White, and Edwards counties all have average home values that are less than $85,000.

In ZIP codes across the state, the discrepancy in home values is even more pronounced, ranging from $20,000 to more than $1,500,000. In areas closer to major cities like Chicago, Bloomington, Springfield, Champaign, and Peoria, typical home values are higher. In contrast, rural areas in eastern, southeastern, and midwestern Illinois tend to have lower-valued homes.

A historical perspective on this topic reveals that Illinois has experienced fluctuations in its housing market over the years, with periods of both growth and decline. The current surge in home values can be attributed to various factors such as economic growth, low interest rates, and the overall desirability of certain areas within the state.

Despite the disparities in home values across Illinois, it’s clear that the real estate market in the state is witnessing a period of considerable growth and change.

To gain further insight into the distribution of home values throughout Illinois, refer to the map below, which provides a comprehensive overview of the average home values in different areas. Additionally, clicking on specific ZIP codes enables a closer examination of the home values in those regions.