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.

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
Below you will find a list of online auctions in the state of Illinois. Click on the link to the county you would like to do research in. Illinois offers great opportunities for online tax lien investing.