6 min read Jan 30, 2024

When Is the Best Time to Buy a House in Illinois in 2024?

There’s no better time than NOW!

15.0% of homes are selling below their listing price. Moreover, there’s a 10.7% increase in newly listed homes. So, not only are you spoilt for choice, but you’re also more likely to crack a good deal on your dream home.

Even the 30-year fixed mortgage rate has dropped to 7.01% in the Prairie State as of 21st March 2024. Owning a home in Illinois has never been this affordable!

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What Are the Best Months to Buy a House in Illinois?

March to June are the best months to buy a house in Illinois. During these months, low competition and competitive prices can get you a good deal on your future home.

Here are the best months to purchase your home, depending on your requirements:

Month Best ForAverage Median Price
AprilDiscounted Prices$275,200
AugustIncreased Listings$280,700
NovemberReduced Competition$266,600

Which Is the Best Season to Buy a House in IL?

Best season to buy a house

Spring is the best season for a low-on-cash home buyer wanting to buy a house in Illinois. Sellers are easier to negotiate with because there are more homes for sale and fewer buyers.

If you’re looking to buy a home, here’s what you get in each season:

  • Spring: The real estate market competition is high but open to lower asking prices. Home demand usually rises in March, April, and May.
  • Summer: Summer is the peak season with an active housing market and competitive buyers. Moreover, you have a larger inventory to choose from in June, July, and August.
  • Autumn: Fall has determined sellers who look to settle elsewhere before winter. That’s why they are open to negotiations and may accept lower asking prices in September, October, and November.
  • Winter: Housing prices are at their lowest in December, January and February. The festive season reduces the competition in the housing market, giving you the ability to find your dream home at a negotiable price.

Illinois Housing Market Conditions

The current real estate market conditions in Illinois are becoming favorable for home buyers. Here’s how:

  1. Lower Mortgage Rates: The interest rates for home loans have decreased to 7.01%, marking a decline from approximately 8% in the preceding year of 2023. Concurrently, there has been a surge in new listings in the market. This surge allows buyers to easily find some of the cheapest places to live in Illinois.
  2. Reduced Asking Prices: Currently, home sale prices are still high, and there’s a shortage of potential buyers. Due to increased competition, sellers are forced to reduce their asking prices to attract more buyers. There is a 1.7% rise in homes with price drops.
  3. Increased Decision-Making Flexibility: The median days on the market have has 60 days. This gives buyers extra time to consider their decision.

Top Illinois Home Buying Tips in 2024

Buying a house in IL is an exciting experience. But, it can be stressful and confusing, especially if you’re doing it for the first time. Here are some tips to help you through it:

  1. Check Your Credit Score: Assess your financing options by reviewing your credit score. A good credit history can help you get the required score for lower interest rates.
  2. Save for a Down Payment: To save for a down payment, first, adhere to the 50-30-20 budget rule, allocating 20% of your income for savings. Next, cut expenses and seek opportunities to earn extra income. Finally, consider investing wisely to grow your savings.
  3. Get a Pre-Approval Mortgage: A pre-approved mortgage helps when you’re bidding on a house by showing how much you can afford.
  4. Find a Good Real Estate Agent: An experienced real estate agent in Illinois can save you time and money. They understand the market and can fulfill your requirements.
  5. Negotiate Repairs: After a home inspection in Illinois, ensure major issues are fixed before finalizing your loan. You can always take care of minor issues in the future.
  6. Always Do a Final Walk-Through: Do this diligently as this is your final opportunity to inspect the house. Ask questions and address any outstanding issues before they become your responsibility.

» Steps to Buy a House in Illinois: Here is a step-by-step guide to buy a Illinois house in 2024.

Bottom Line: Is 2024 a Good Time to Buy a House in Illinois?

Yes. This is the best time to buy a house in Illinois.

With the current trend in the IL housing market, you’ll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.

Even though it’s a seller’s market, increased housing supply and reduced mortgage rates may result in lower prices for buyers. Additionally, slower sales could create favorable conditions for those looking to buy a home.

Find Your New Home With Houzeo

With thousands of property listings, Houzeo.com is one of the biggest property listing sites in the US. Find condos, townhouses, co-ops, and other types of homes for sale in Illinois on Houzeo.

Find Your Dream Home in Illinois

View 24,793 Homes For Sale in Illinois

Where do you want to live?

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» Need More Clarity? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.

Find Homes For Sale in IL by Home Type and Style

The market offers a wider range of homes than ever before. But don’t get overwhelmed! Knowing your preferred style can help you narrow your search. Here are some options to target your search by home style:

Apartments for sale in Illinois
Cabins for sale in IllinoisCheap Homes for sale in IllinoisCountry Homes for sale in Illinois
Duplex Homes for sale in IllinoisFarms for sale in IllinoisFarmhouse for sale in IllinoisForeclosed Homes for sale in Illinois
Historic Homes for sale in IllinoisHomes With Acreage for sale in IllinoisHouses With Pool for sale in IllinoisLakefront Homes for sale in Illinois
Luxury Homes for sale in IllinoisManufactured Mobile Homes for sale in IllinoisManufactured Homes for sale in IllinoisMobile Home for sale in Illinois
New Homes for sale in IllinoisRanch Homes Near Me for sale in IllinoisTiny Homes for sale in IllinoisWaterfront Homes for sale in Illinois

Frequently Asked Questions

How long does it take to buy a house on average in Illinois?

6 months. This duration includes house hunting, getting a pre-approval mortgage, making an offer, negotiations, and closure.

When is the best time to buy a house in Illinois?

The months from March to June are the best time to buy a house in Illinois. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

When is the worst time to buy a house in Illinois?

December and January are considered the worst months to buy a house in Illinois. This is due to reduced inventory, holiday distractions, and fewer listings.

Is now a good time to buy a house in Illinois?

Yes, now is a good time to buy a house in Illinois. Before the home prices rise and negatively impact your finances, you should buy your Illinois home.

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