Chicago, IL 60631 Real Estate Market Report

ZIP Code: 60631
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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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

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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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 Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Chicago IL are 6.30%, which is 0.24% higher than the 6.06% average observed in January 2026.

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. Median sold price: $484,900 is the most reliable indicator of current market value and suggests stable transaction pricing for recent SFR and condominium sales; representative recent sale patterns align with moderate price appreciation.

2. Median days on market: 289 points to slower sales velocity compared with typical urban turnover, which may indicate greater negotiation room or longer listing strategies for sellers; moderate liquidity rather than rapid turnover.

3. Median price per square foot: $341 combined with median market rent: $2,200 signals that unit-level pricing remains elevated relative to rental cashflow benchmarks, and rent growth is positive as rent year-over-year trend is up, supporting investor interest in rental conversions.

4. Market-level indicators show a neutral market temperature with a price year-over-year trend that is up and interest rate pressure rated moderate; current 30-year fixed mortgage rates are 6.30%, which is 0.24% higher than the 6.06% average observed in January 2026, so financing costs are a modest headwind and warrant cautious pricing when positioning listings.

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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.

Chicago, IL 60631 Real Estate Market Report

ZIP Code: 60631
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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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Property Taxes

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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 Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Chicago IL are 6.30%, which is 0.24% higher than the 6.06% average observed in January 2026.

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. The primary market indicator is the median sold price of 225,000, which reflects recent transaction-level market value and should be treated as the most reliable price signal for valuation and comps in the 60631 area.

2. Observed selling velocity is slow relative to typical market cycles: the median days on market is 315, which suggests slower sales velocity and increased time-to-contract for sellers; this may indicate pricing friction or buyer selectivity rather than immediate distress.

3. Rental fundamentals remain supportive: the median market rent is 2,495 and the rent year-over-year trend is up, which may sustain investor interest in SFR and condo assets where cashflow is a priority.

4. Market balance is largely steady: the market temperature is neutral and price year-over-year trend is up, implying modest price appreciation without overheating; coupled with interest rate pressure labeled as moderate, financing affordability is a caution for some buyers.

5. Inventory context in the analyzed sample appears to show relatively constrained active supply, which, when combined with the long median days on market, suggests a balanced market with pockets of pricing friction—expect selective competition in desirable micro-locations rather than broad, rapid bidding wars.

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Notable Properties

The following 2 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.