Chicago, IL 60620 Real Estate Market Report

ZIP Code: 60620
Report Date: April 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Chicago, IL are averaging 6.37%, which is 0.25% higher than the previous week's average of 6.12%.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. $183,500 median sold price indicates realized market value and suggests sellers should align expectations with recent transaction levels rather than relying solely on asking prices; use recent closed comps to set competitive offers.

2. $227,950 median listing price vs. the median sold price gap may create pricing friction that can extend time on market, so sellers should consider staged-listing or targeted concessions to accelerate offers.

3. 196 days median days on market signals slower sales velocity for individual listings despite a hot market temperature; pricing and condition will likely determine which properties convert quickly versus those that require price adjustment.

4. $148.50746268656715 median price per square foot provides a precise per-unit pricing benchmark for valuation and underwriting, useful for investors and appraisers when assessing relative value in the neighborhood.

5. $1,827 median market rent and an upward rent trend support rental demand and make buy-and-hold strategies more attractive, though moderate interest rate pressure at ~6.37% may reduce leverage-driven returns and warrant conservative underwriting.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.