Chicago, IL 60641 Real Estate Market Report

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.

Market Metrics

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.

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.

Property Taxes

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.

Market Trends & Context

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

Key Findings

1. The primary market indicator, the median sold price of 446,000, confirms recent transaction values and supports the neighborhood’s upward price momentum; coupled with a hot market temperature, this suggests realized seller strength rather than isolated asking-price optimism.
2. The median listing price of 389,900 versus the median sold price highlights meaningful pricing friction between asking and transaction levels and may indicate that sellers who price competitively capture the market while higher asks can lag actual sale outcomes.
3. Liquidity appears mixed: the median days on market of 318 points to slower sales velocity on sampled transactions, which, when combined with a up price year-over-year trend, suggests sales are achieving higher prices but may require longer marketing time to close.
4. Market fundamentals: the median price per square foot of 332 and median market rent of 1,800 support rising valuation and rental demand in the area; however, elevated interest rate pressure and a local 30-year fixed rate averaging 6.7% may dampen some buyer urgency and should be monitored by pricing-sensitive sellers.

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.