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 neighborhood’s primary market signal is the median sold price of <strong>$495,000</strong>, which should be treated as the representative recent sale level; the gap between the median listing price of <strong>$586,000</strong> and the median sold price may indicate pricing friction where seller expectations exceed realized transaction prices and may require negotiated adjustments to close deals.
2. The market is described as <strong>hot</strong> with a price year-over-year trend that is up, suggesting continued upward pressure on transaction prices and supporting a seller-favored backdrop for well-priced SFR and condominium listings.
3. The median days on market at <strong>400</strong> points to slower sales velocity relative to a fast-turn market; this longer time-to-contract should be interpreted as reduced liquidity per listing even as prices trend upward, and it may increase the importance of pricing strategy and condition for time-sensitive sellers.
4. Interest rate conditions are a material headwind: interest rate pressure is characterized as <strong>elevated</strong>, and Current 30-year fixed mortgage rates for properties in Chicago IL 60641 are 6.59% compared to approximately 5.79% for typical loans originated earlier in 2026, which may reduce buyer affordability and elongate negotiation timelines despite a hot market temperature.

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.