Chicago, IL 60631 Real Estate Market Report

ZIP Code: 60631
Report Date: April 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Chicago, IL (ZIP: 60631) is characterized by a median sold price of $487,950, reflecting a competitive landscape. The neighborhood has increased 15% since 2023, indicating a robust appreciation in property values. Despite this upward trend in sold prices, the market is experiencing elevated inventory levels, suggesting a potential imbalance between supply and demand. The median days on market stands at 263 days, which points to a slower sales velocity, further complicating the market dynamics.

Additionally, the median listing price of $725,000 indicates a significant gap between seller expectations and actual transaction prices, which may lead to pricing friction as sellers adjust their strategies. The median market rent is reported at $1,827, reinforcing strong rental demand in the area. However, elevated interest rates, currently averaging 6.15% for a 30-year fixed mortgage, may pressure affordability and influence buyer behavior moving forward.

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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 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 60631 are averaging 6.15% as of April 1, 2026, which is 0.76% higher than the average rate of 5.39% seen earlier in 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 median sold price of $487,950 reflects a competitive market with strong appreciation, having increased 15% since 2023.

2. Elevated inventory levels suggest excess supply relative to sales activity, potentially impacting price stability in the near term.

3. The median days on market of 263 days indicates a slower sales velocity, which may discourage some buyers from entering the market.

4. A significant gap exists between the median listing price of $725,000 and the median sold price, indicating potential pricing friction for sellers.

5. With median market rent at $1,827, the area continues to show strong rental demand, which may support property values despite rising interest rates.

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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.