Illinois Real Estate Market Trends & Analysis
The Illinois real estate market has managed to keep relative pace with national appreciation rates, which suggests Illinois has yet to address statewide inventory shortages. However, while the rest of the country has seen sales increase, Illinois saw a slight decline. On an annual basis, the latest dip in both inventory and sales volume are telling of a market that is unable to satiate demand in today’s active climate.
There’s almost no doubt prospective buyers are ready to make the move to homeownership, but there’s simply not enough inventory to keep up with demand, which is working against real estate in Illinois. The unique combination of factors has caused the local market to slow down, which has lead to Illinois having one of the highest foreclosure rates in the country over the first half of 2019. Despite the uphill battle, real estate in Illinois is relatively affordable, and actually presents an opportunity for investors looking to acquire distressed or discounted properties.
There’s almost no doubt prospective buyers are ready to make the move to homeownership, but there’s simply not enough inventory to keep up with demand, which is working against real estate in Illinois. The unique combination of factors has caused the local market to slow down, which has lead to Illinois having one of the highest foreclosure rates in the country over the first half of 2019. Despite the uphill battle, real estate in Illinois is relatively affordable, and actually presents an opportunity for investors looking to acquire distressed or discounted properties.
Illinois Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Title Companies, Lenders, Attorneys |
| Conveyance: | Warranty Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Judicial |
| Process Period: | 7 - 10 months |
| Notice of Sale: | Court |
| Redemption Period: | None |
Taxes
| Income Tax: | 3.75% |
| Corporate Tax: | 9.50% |
| Sales Tax: | 6.25% |
| Estate Tax: | 16% maximum |
| Inheritance Tax: | No |
| Median Property Tax: | 1.73% |
| Property Taxes by County: | http://www.tax-rates.org/illinois/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,481.00 |
| Transfer Fee: | Transfer 0.1%; County 0.05%; Chicago 1.05% |
| Origination Fee: | $1,841.00 |
Overview
- Median Home Value: $182,600
- 1-Year Appreciation Rate: +3.9%
- Median Home Value (1-Year Forecast): +1.3%
- Median Rent Price: $1,650
- Price-To-Rent Ratio: 9.22
- Average Days On Market: 78
- Percent With Negative Equity: 14.8%
- Unemployment Rate: 4.2% (latest estimate by the Bureau Of Labor Statistics)
- Population: 12,741,080 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $61,229 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 9.45%
- Foreclosure Rate: 1 in every 1,562
Illinois Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Lien State
- Interest Rate: 18% for 6 Months/ 36% for 1 Year/ 24% for Farmland
- Redemption Period: 2 Years
- Cook County, IL - June - August