Chicago, IL 60640 Real Estate Market Report

ZIP Code: 60640
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Chicago, IL (60640) is currently characterized by a median sold price of $989,000, reflecting a strong appreciation trend. Although specific historical price change data is not available, the market is noted to be on an upward trajectory, with a year-over-year price trend reported as up. This suggests a favorable environment for sellers, although the market is experiencing some balancing as inventory levels gradually increase.

Transaction activity appears moderate, with 337 median days on market indicating a slower sales velocity. The elevated inventory levels relative to sales activity may suggest a shift towards a more balanced market, as buyers have more options available. Additionally, the median market rent stands at $2,700, indicating sustained rental demand despite the pressure from elevated interest rates, which are currently averaging 6.15% for a 30-year fixed mortgage. This combination of factors suggests that while the market remains robust, potential buyers may face challenges due to affordability constraints.

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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 60640 are averaging 6.15% as of April 1, 2026, which is 0.65% higher than the average rates seen in early 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 $989,000 indicates strong market appreciation, reflecting increasing values.

2. With 337 median days on market, the market is experiencing slower sales velocity, suggesting potential pricing friction.

3. The median market rent of $2,700 shows strong rental demand, despite rising interest rates.

4. Current interest rates are averaging 6.15%, which is elevated compared to early 2026, impacting buyer affordability.

5. The market temperature is reported as neutral, indicating a balanced environment with moderate transaction activity.

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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.