Chicago, IL 60640 Real Estate Market Report

ZIP Code: 60640
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

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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 are 6.3% compared to the 6.1% average observed in early 2026, representing a slight increase in borrowing costs for property owners in this market.

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 neighborhood's primary transaction indicator, the median sold price 874,000, suggests a relatively high market value for recent SFR and condominium transactions and should be treated as the primary anchor for pricing and underwriting decisions.

2. The median days on market 367 points to slower sales velocity and increased time-to-contract, which may indicate pricing friction or a cautious buyer pool; sellers should expect extended market exposure and buyers may have more negotiation leverage on contingent terms.

3. Price and rent context show a median price per square foot of 507 alongside a median market rent of 1,810, with both price and rent trajectories marked up year-over-year, suggesting continued demand-driven support for valuation, especially for well-located or upgraded units.

4. Market balance and financing conditions are mixed: the market temperature is described as neutral while interest rate pressure is moderate; note that current 30-year fixed mortgage rates in Chicago are 6.3% compared to the 6.1% average observed in early 2026, which may modestly tighten buyer affordability and influence deal structuring.

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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 60640 Real Estate Market Report

ZIP Code: 60640
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

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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 are 6.3% compared to the 6.1% average observed in early 2026, representing a slight increase in borrowing costs for property owners in this market.

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 neighborhood's primary market indicator, the median sold price, is 298,950, which represents the most reliable recent transaction-level market value and suggests modest appreciation pressure given the broader trend signals (up).

2. There is a meaningful gap between the median listing price of 314,900 and the median sold price of 298,950, which may indicate pricing friction or seller expectations above realized transaction levels and could justify cautious pricing adjustments by sellers.

3. Extended selling timelines are evident: the median days on market is 205, which points to slower sales velocity and suggests that buyers may be able to negotiate more aggressively or that sellers should plan for longer listing periods.

4. Market fundamentals show a median price per square foot of 328 and a median market rent of 2,400 while macro signals—neutral market temperature, up price and rent trends, and moderate interest rate pressure (current 30-year fixed at 6.3% vs 6.1% early 2026)—collectively suggest a balanced to slightly warm market where investors and owner-occupiers should stress-test financing assumptions.

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Notable Properties

The following 4 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.