Chicago FHA Loan Rates, Closing Costs & Stats

Chicago-Naperville-Elgin, IL-IN-WI

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Chicago's 262 lenders originated 18,074 FHA loans during 2023. The total origination value was $4,829,130,000, with an average FHA loan value of $267,187.

Chicago FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Chicago averaged 6.81% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Chicago's average FHA mortgage closing costs are $8,722.

The average rate for the prior week (2024-04-05) was 6.94% and one month ago for the week of 2024-03-08, the average rate was 6.57%.

The average rate one year ago was 6.51%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.15%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Chicago FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Chicago level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 1,376 6.30% $11,023
UNITED WHOLESALE MORTGAGE, LLC 1,227 6.56% $13,396
LOANDEPOT.COM, LLC 1,156 6.70% $12,728
CROSSCOUNTRY MORTGAGE, LLC 815 6.77% $13,431
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 800 6.77% $11,882
GUARANTEED RATE, INC. 799 6.61% $12,272
Neighborhood Loans, Inc. 682 6.69% $14,071
AMERICAN PACIFIC MORTGAGE CORPORATION 477 6.74% $13,791
The Federal Savings Bank 297 6.59% $12,859
NEWREZ LLC 282 6.69% $11,472
FIRST CENTENNIAL MORTGAGE CORPORATION 280 6.73% $10,065
PENNYMAC LOAN SERVICES, LLC 272 6.44% $12,669
Barrington Bank & Trust Company, N.A. 266 6.64% $11,441
FREEDOM MORTGAGE CORPORATION 266 6.89% $13,263
CALIBER HOME LOANS, INC. 252 6.24% $11,243
The Huntington National Bank 240 6.46% $11,224
DHI MORTGAGE COMPANY, LTD. 223 5.55% $8,880
BAY EQUITY LLC 199 6.73% $13,326
JPMorgan Chase Bank 186 6.60% $6,465
EAGLE HOME MORTGAGE, LLC 182 5.42% $10,571
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 164 6.94% $11,380
COMPASS MORTGAGE, INC. 164 6.69% $13,484
AMERICAN FINANCIAL NETWORK, INC. 163 7.19% $12,076
GUILD MORTGAGE COMPANY 159 6.81% $13,071
Mr. Cooper ( Nationstar Mortgage ) 157 6.16% $13,776
MUTUAL OF OMAHA MORTGAGE, INC. 155 6.61% $13,201
Plains Commerce Bank 143 6.36% $14,145
AMERICAN PORTFOLIO MORTGAGE CORPORATION 142 6.70% $10,133
BROKER SOLUTIONS, INC. 141 6.75% $11,986
Nations Lending Corporation 125 6.90% $11,660
ARK-LA-TEX FINANCIAL SERVICES, LLC. 120 6.79% $11,690
Carrington Mortgage Services, LLC 118 6.41% $12,214
GUARANTEED RATE AFFINITY, LLC 118 6.67% $12,969
LEADERONE FINANCIAL CORPORATION 115 6.77% $11,836
UNION HOME MORTGAGE CORP. 110 6.99% $12,033
PLAZA HOME MORTGAGE, INC. 110 6.60% $12,112
AMERISAVE MORTGAGE CORPORATION 109 6.11% $13,084
Key Mortgage Services, Inc. 103 6.69% $11,952
CARDINAL FINANCIAL 103 6.39% $13,104
Flagstar Bank, FSB 101 6.70% $11,014
Paramount Residential Mortgage Group, Inc. 93 6.86% $12,727
OCMBC, INC. 89 7.18% $13,654
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 87 6.57% $9,997
NVR Mortgage Finance, Inc. 83 6.10% $13,136
DIRECT MORTGAGE LOANS, LLC 82 6.93% $11,438
TOWNE MORTGAGE COMPANY 77 7.00% $13,386
GREENSTATE CREDIT UNION 77 6.33% $10,510
DRAPER AND KRAMER MORTGAGE CORP. 74 6.44% $11,336
U.S. Bank 68 6.67% $9,404
Equity Prime Mortgage LLC 66 6.97% $13,643
GENEVA FINANCIAL, LLC 66 6.68% $14,771
Ixonia Bank 62 7.30% $12,370
Fifth Third Bank 61 6.44% $7,030
SUN WEST MORTGAGE COMPANY, INC. 56 6.63% $11,444
FIRST COMMUNITY MORTGAGE, INC. 55 7.01% $11,302
BMO Harris Bank 54 6.56% $10,350
CIBC Bank USA 52 6.30% $11,837
M/I FINANCIAL, LLC 50 6.20% $15,235
HOMESIDE FINANCIAL, LLC 48 7.18% $12,742
LAKEVIEW LOAN SERVICING, LLC 47 6.23% $10,702
Associated Bank 46 6.17% $9,588
Pacor Mortgage Corp 44 6.74% $10,690
EVERETT FINANCIAL, INC. 44 6.91% $10,464
Century Mortgage Company DBA Century Lending Company 42 6.65% $13,231
CMG MORTGAGE, INC. 42 6.76% $12,985
PROPER RATE, LLC 40 6.67% $13,981
Prosperity Home Mortgage, LLC 40 6.55% $11,832
AmeriHome Mortgage Company, LLC 40 6.81% $10,517
MOVEMENT MORTGAGE, LLC 39 6.59% $13,447
CIBM Bank 39 6.60% $10,448
NATIONS RELIABLE LENDING, LLC 38 6.86% $12,463
Mortgage Research Center, LLC 38 6.72% $8,259
MICHIGAN MUTUAL, INC. 37 6.81% $12,010
PLANET HOME LENDING, LLC 35 6.30% $12,810
GSF Mortgage Corporation 35 6.70% $12,550
RUOFF MORTGAGE COMPANY, INC. 34 6.87% $5,524
PRIMELENDING, A PLAINSCAPITAL COMPANY 32 6.68% $11,837
VILLAGE CAPITAL MORTGAGE 32 6.30% $7,904
United Fidelity Funding Corp. 32 6.50% $10,044
THE ANDERSON FINANCIAL GROUP, INC. 31 6.77% $9,133
University Bank 29 6.02% $11,504
T2 FINANCIAL LLC 26 6.79% $14,552
MID AMERICA MORTGAGE, INC. 26 7.38% $8,991
PNC Bank 26 6.77% $8,535
NATIONS DIRECT MORTGAGE, LLC 26 6.56% $11,878
HOMEBRIDGE FINANCIAL SERVICES, INC. 25 6.66% $14,445
Bank of America 25 6.14% $8,365
Marquette Bank 25 6.41% $8,681
ENDEAVOR CAPITAL, LLC. 25 6.76% $10,418
MLD MORTGAGE INC. 23 6.85% $11,845
LAND HOME FINANCIAL SERVICES, INC. 22 6.81% $12,829
POINT Mortgage 22 6.60% $11,778
Bank of England 22 6.85% $11,031
ZILLOW HOME LOANS, LLC 22 6.56% $11,789
UNITED HOME LOANS, INC. 22 6.92% $10,963
American Mortgage & Equity Consultants, Inc. 21 7.04% $12,249
PRIMARY RESIDENTIAL MORTGAGE, INC. 21 6.87% $10,050
Lakeview Community Capital, LLC 21 6.24% $11,063
CHERRY CREEK MORTGAGE, LLC 20 6.54% $4,073
LIBERTY HOME MORTGAGE CORPORATION 20 6.72% $15,880
Wells Fargo Bank 19 6.57% $8,147
Waterstone Mortgage Corporation 19 6.65% $13,871
Centier Bank 19 6.99% $6,218
AMERICAN FINANCIAL RESOURCES, INC. 19 7.08% $12,282
First National Bank of Omaha 18 6.63% $7,735
AmRes Corporation 18 6.90% $11,618
GATEWAY MORTGAGE CORPORATION 18 6.97% $6,963
Old National Bank 18 6.54% $8,438
STOCKTON MORTGAGE CORPORATION 18 6.35% $16,533
BECKAM FUNDING CORP. 17 7.24% $19,916
Regions Bank 17 6.03% $9,635
SECURITYNATIONAL MORTGAGE COMPANY 16 7.23% $13,227
Servion, Inc. 16 6.69% $9,634
Old Second National Bank 16 6.26% $10,186
Mortgage Assurance Inc. 16 6.42% $10,184
Citibank 16 6.02% $11,688
DAS Acquisition Company, LLC 15 7.08% $13,106
ACADEMY MORTGAGE CORPORATION 15 6.58% $9,623
Citizens Bank 15 6.35% $10,653
ROYAL UNITED MORTGAGE LLC 14 7.11% $12,698
RAPID MORTGAGE COMPANY 14 6.83% $10,919
Home State Bank 13 6.95% $9,816
Platinum Home Mortgage Corporation 13 6.21% $15,417
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 13 6.77% $13,509
VERITAS FUNDING, LLC 12 6.82% $17,892
Flanagan State Bank 12 6.60% $9,774
TOP FLITE FINANCIAL, INC. 11 6.86% $13,386
PHH Mortgage Corporation 11 6.45% $11,099
Peoples Bank 11 6.28% $8,451
AXIA FINANCIAL, LLC 11 6.90% $12,076
ALAMEDA MORTGAGE CORPORATION 11 7.02% $10,573
Hometown Equity Mortgage, LLC 11 6.68% $10,458
M&T Bank 11 6.60% $9,072
CROWN MORTGAGE COMPANY 11 6.50% $13,899
MLB RESIDENTIAL LENDING, LLC 11 6.73% $17,809
NATIONWIDE MORTGAGE BANKERS, INC. 10 7.10% $12,173
Gold Coast Bank 10 6.42% $12,174
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 10 6.71% $16,183
First Financial Bank 10 6.23% $8,513
SUMMIT FUNDING, INC. 10 6.71% $18,775
SUCCESS MORTGAGE PARTNERS, INC. 9 6.39% $11,970
EMM LOANS LLC 9 5.82% $14,906
THE MORTGAGE LINK, INC. 9 7.21% $17,089
GMFS LLC 9 7.03% $7,369
MORTGAGE SOLUTIONS OF COLORADO, LLC 9 6.86% $13,741
JMAC LENDING, INC. 8 6.69% $12,578
Allied First Bank,sb 8 6.81% $10,343
Horizon Bank 8 6.33% $7,437
First Merchants Bank 8 7.06% $7,480
GVC MORTGAGE, INC. 8 7.23% $8,490
PANORAMA MORTGAGE GROUP, LLC 7 7.18% $12,598
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 7 6.14% $6,521
INSPIRE HOME LOANS INC. 7 5.11% $9,393
CHURCHILL MORTGAGE CORPORATION 7 6.77% $15,769
Paramount Bank 7 6.73% $12,097
NETWORK CAPITAL FUNDING CORPORATION 7 6.05% $9,329
MYCUMORTGAGE, LLC 7 7.09% $9,854
HOMESTAR FINANCIAL CORPORATION 7 7.20% $10,014
Sierra Pacific Mortgage Company, Inc. 6 6.92% $14,099
FIRST STATE MORTGAGE SERVICES, LLC 6 6.73% $11,702
GREAT LAKES 6 6.38% $8,925
FIRST ALLIANCE HOME MORTGAGE, LLC 6 6.71% $14,849
HALLMARK HOME MORTGAGE, LLC 6 6.98% $7,998
PENTAGON FEDERAL CREDIT UNION 6 5.94% $9,866
FIRST MORTGAGE COMPANY, INC. 6 7.42% $11,798
ARC HOME LLC 5 6.40% $11,639
AMERICAN FINANCING CORPORATION 5 6.25% $11,379
NFM, INC. 5 6.33% $15,653
First Savings Bank 5 6.03% $13,226
LAKE MORTGAGE COMPANY INC 5 7.08% $8,598
PULTE MORTGAGE LLC 5 6.15% $12,037
DEVELOPER'S MORTGAGE COMPANY 4 7.41% $13,114
MIDLAND MORTGAGE CORPORATION 4 6.88% $13,129
LOANPAL, LLC 4 6.06% $8,320
Ameris Bank 4 6.38% $12,760
Evolve Bank & Trust 4 6.91% $16,868
First Federal Bank 4 6.91% $12,637
LADERA LENDING, INC. 4 6.56% $8,124
NBKC BANK 4 5.94% $9,636
CITY FIRST MORTGAGE SERVICES, L.L.C. 4 7.25% $9,937
Northpointe Bank 4 5.75% $18,757
RELIANCE FIRST CAPITAL, LLC 4 6.56% $11,736
Residential Mortgage Solutions, Inc. 4 6.71% $10,838
BETTER MORTGAGE CORPORATION 4 6.59% $10,976
POLARIS HOME FUNDING CORP. 4 6.91% $11,522
MEMBER FIRST MORTGAGE, LLC 3 6.33% $9,753
Byline Bank 3 6.33% $11,710
Cornerstone First Mortgage, Inc 3 6.29% $17,961
Bell Bank 3 5.92% $14,928
First Federal Savings Bank 3 6.29% $7,163
A + MORTGAGE SERVICES, INC. 3 5.71% $10,661
Chicago Mortgage Solutions LLC 3 6.42% $11,804
The Loan Store, Inc. 3 7.16% $13,391
TruHome Solutions, LLC 3 6.04% $11,020
ALLIED MORTGAGE GROUP, INC. 3 6.50% $12,374
AHL FUNDING 3 6.63% $12,818
HOMESTEAD FUNDING CORP. 3 5.83% $11,113
Bank Five Nine 3 6.17% $9,198
ROSS MORTGAGE CORPORATION 3 6.75% $11,258
Wyndham Capital Mortgage, Inc. 2 6.31% $11,177
ENVOY MORTGAGE, LTD 2 5.88% $11,843
Midland States Bank 2 7.50% $12,121
DELMAR FINANCIAL COMPANY 2 6.69% $9,729
MJW Financial LLC 2 6.81% $9,153
MORTGAGE ACCESS CORP. 2 6.00% $15,040
CONTOUR MORTGAGE CORPORATION 2 5.75% $11,393
NexBank 2 5.31% $14,489
NORWICH COMMERCIAL GROUP, INC. 2 6.94% $14,140
OPEN MORTGAGE, LLC 2 7.56% $13,745
Chickasaw Community Bank 2 6.25% $15,842
CALCON MUTUAL MORTGAGE LLC 2 6.00% $20,869
PREMIA MORTGAGE, LLC 2 6.37% $11,327
BAYSHORE MORTGAGE FUNDING, LLC 2 7.63% $13,961
Assurance Financial Group, L.L.C. 2 7.00% $25,887
SIRVA MORTGAGE, INC. 2 6.44% $7,096
TOTAL MORTGAGE SERVICES, LLC 2 7.31% $7,921
AMCAP MORTGAGE, LTD. 2 6.69% $15,248
VAN DYK MORTGAGE CORPORATION 2 6.81% $11,821
Goldwater Bank, N.A. 1 6.75% $16,675
NEW WAVE LENDING GROUP INC 1 7.38% $10,319
Semper Home Loans, Inc. 1 5.75% $17,296
CITYWIDE HOME LOANS, LLC 1 6.75% $11,718
Colonial Savings, F.A. 1 6.50% $14,189
Advisors Mortgage Group, L.L.C. 1 7.25% $7,592
CORNERSTONE HOME LENDING, INC. 1 7.25% $15,297
Strong Home Mortgage, LLC 1 6.25% $14,608
CRESCENT MORTGAGE COMPANY 1 7.38% $18,322
MORTGAGE CENTER L.C 1 7.13% $6,044
Sunflower Bank 1 4.63% $12,280
MORTGAGE 1 INCORPORATED 1 7.63% $10,674
MORIA DEVELOPMENT, INC. 1 7.13% $13,399
Texana Bank 1 7.25% $18,130
AMERITRUST MORTGAGE CORPORATION 1 7.63% $8,729
Midwest Mortgage Associates Corporation 1 7.13% $11,795
Mid-Continent Funding, Inc. 1 6.75% $4,326
East Coast Capital Corp. 1 6.50% $14,764
EMBRACE HOME LOANS, INC. 1 7.13% $11,461
THOMPSON KANE & COMPANY, LLC 1 6.75% $12,984
Loan Simple, Inc. 1 6.25% $23,221
FORUM Credit Union 1 6.75% $7,447
Encompass Lending Group, LP 1 7.25% $12,351
LENOX FINANCIAL MORTGAGE CORPORATION 1 7.13% $8,257
Truist 1 6.70% $4,921
Kwik Mortgage Corporation 1 6.75% $14,013
American Mortgage Bank, LLC 1 6.25% $18,453
UNITED 1 7.13% $8,449
First Federal Savings and Loan Association of Lakewood 1 6.75% $11,935
American Bank and Trust Company 1 6.25% $13,886
FLAT BRANCH MORTGAGE, INC. 1 6.75% $17,490
FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 5.88% $3,342
First Internet Bank of Indiana 1 5.75% $12,884
US MORTGAGE CORPORATION 1 7.63% $14,334
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.75% $13,127
WISCONSIN MORTGAGE CORPORATION 1 7.25% $6,701
ABSOLUTE HOME MORTGAGE CORPORATION 1 7.25% $17,335
First Option Mortgage, LLC 1 5.63% $8,311
V.I.P. MORTGAGE, INC. 1 5.75% $10,045
Princeton Mortgage Corporation 1 6.63% $8,734
RESIDENTIAL BANCORP 1 6.50% $9,020
BAY-VALLEY MORTGAGE GROUP 1 6.50% $9,418
Blackhawk Bank 1 6.25% $9,642
Busey Bank 1 6.13% $12,115

The top Chicago FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,376 FHA loans originated. Their average total fees are $11,023, which is $2,374 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Chicago FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($4,073), RUOFF MORTGAGE COMPANY, INC. ($5,524), Centier Bank ($6,218), JPMorgan Chase Bank ($6,465) and GATEWAY MORTGAGE CORPORATION ($6,963).

The lowest rate Chicago FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.42%), DHI MORTGAGE COMPANY, LTD. (5.55%), Citibank (6.02%), University Bank (6.02%) and Regions Bank (6.03%).

Chicago FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI COOK 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DEKALB 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DUPAGE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI GRUNDY 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KANE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENDALL 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI MCHENRY 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI WILL 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI JASPER 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI NEWTON 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI PORTER 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENOSHA 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI COOK 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DEKALB 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DUPAGE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI GRUNDY 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KANE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENDALL 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI MCHENRY 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI WILL 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI JASPER 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI NEWTON 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI PORTER 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENOSHA 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $287,250 (6.0%) $450,198 (4.4%) 1.06 27,462
2018-02-01 $302,450 (6.1%) $469,270 (4.1%) 1.10 27,948
2018-03-01 $325,000 (8.5%) $488,491 (5.1%) 1.14 29,774
2018-04-01 $330,000 (6.8%) $492,259 (4.2%) 1.12 31,628
2018-05-01 $334,400 (5.3%) $489,942 (3.3%) 1.12 33,742
2018-06-01 $329,999 (3.9%) $482,120 (2.3%) 1.10 36,367
2018-07-01 $324,950 (3.2%) $471,211 (1.1%) 1.09 38,489
2018-08-01 $319,700 (6.2%) $460,166 (1.2%) 1.07 39,562
2018-09-01 $315,000 (5.0%) $453,664 (0.9%) 1.06 40,227
2018-10-01 $309,950 (3.4%) $448,859 (-0.6%) 1.05 39,897
2018-11-01 $299,950 (1.8%) $445,523 (-0.6%) 1.02 37,550
2018-12-01 $295,000 (2.3%) $437,492 (-1.1%) 1.02 32,861
2019-01-01 $295,950 (3.0%) $440,629 (-2.1%) 1.02 29,958
2019-02-01 $309,500 (2.3%) $462,206 (-1.5%) 1.05 30,301
2019-03-01 $324,429 (-0.2%) $476,331 (-2.5%) 1.06 32,305
2019-04-01 $338,000 (2.4%) $485,274 (-1.4%) 1.07 34,403
2019-05-01 $339,250 (1.5%) $480,555 (-1.9%) 1.06 36,832
2019-06-01 $335,000 (1.5%) $475,597 (-1.4%) 1.05 38,918
2019-07-01 $329,950 (1.5%) $468,106 (-0.7%) 1.03 40,388
2019-08-01 $324,413 (1.5%) $459,228 (-0.2%) 1.03 40,814
2019-09-01 $318,556 (1.1%) $452,742 (-0.2%) 1.02 40,712
2019-10-01 $314,250 (1.4%) $448,126 (-0.2%) 1.01 40,421
2019-11-01 $304,900 (1.7%) $442,261 (-0.7%) 1.00 36,899
2019-12-01 $299,000 (1.4%) $438,810 (0.3%) 1.00 31,661
2020-01-01 $299,450 (1.2%) $441,973 (0.3%) 1.00 28,836
2020-02-01 $315,000 (1.8%) $464,365 (0.5%) 1.03 29,381
2020-03-01 $325,000 (0.2%) $473,384 (-0.6%) 1.02 29,997
2020-04-01 $323,400 (-4.3%) $463,299 (-4.5%) 1.01 28,555
2020-05-01 $329,000 (-3.0%) $474,902 (-1.2%) 1.00 28,624
2020-06-01 $336,085 (0.3%) $486,544 (2.3%) 0.99 28,543
2020-07-01 $339,997 (3.1%) $494,375 (5.6%) 0.99 27,611
2020-08-01 $344,900 (6.3%) $499,470 (8.8%) 0.99 27,206
2020-09-01 $343,533 (7.8%) $502,320 (11.0%) 0.98 27,378
2020-10-01 $339,900 (8.2%) $497,662 (11.1%) 0.97 27,446
2020-11-01 $331,995 (8.9%) $494,847 (11.9%) 0.97 24,897
2020-12-01 $325,000 (8.7%) $492,399 (12.2%) 0.97 21,084
2021-01-01 $325,000 (8.5%) $502,827 (13.8%) 0.97 18,121
2021-02-01 $339,450 (7.8%) $540,781 (16.5%) 0.99 16,161
2021-03-01 $349,000 (7.4%) $548,858 (15.9%) 0.99 15,877
2021-04-01 $349,900 (8.2%) $548,921 (18.5%) 0.95 16,543
2021-05-01 $350,000 (6.4%) $545,338 (14.8%) 0.93 17,476
2021-06-01 $350,000 (4.1%) $534,224 (9.8%) 0.92 19,693
2021-07-01 $349,000 (2.7%) $518,631 (4.9%) 0.92 21,816
2021-08-01 $337,450 (-2.2%) $497,342 (-0.4%) 0.90 22,741
2021-09-01 $329,900 (-4.0%) $488,052 (-2.8%) 0.88 22,674
2021-10-01 $325,900 (-4.1%) $484,835 (-2.6%) 0.87 21,992
2021-11-01 $319,950 (-3.6%) $482,043 (-2.6%) 0.86 19,187
2021-12-01 $312,250 (-3.9%) $476,999 (-3.1%) 0.85 15,720
2022-01-01 $310,000 (-4.6%) $489,349 (-2.7%) 0.84 12,838
2022-02-01 $322,500 (-5.0%) $513,937 (-5.0%) 0.84 11,726
2022-03-01 $332,450 (-4.7%) $523,593 (-4.6%) 0.83 12,152
2022-04-01 $349,900 (0.0%) $531,824 (-3.1%) 0.83 12,382
2022-05-01 $354,900 (1.4%) $535,363 (-1.8%) 0.81 14,846
2022-06-01 $359,900 (2.8%) $530,444 (-0.7%) 0.80 17,050
2022-07-01 $350,000 (0.3%) $513,670 (-1.0%) 0.79 19,719
2022-08-01 $349,450 (3.6%) $507,873 (2.1%) 0.81 19,915
2022-09-01 $340,000 (3.1%) $502,164 (2.9%) 0.79 19,797
2022-10-01 $339,700 (4.2%) $498,038 (2.7%) 0.80 19,804
2022-11-01 $329,950 (3.1%) $490,600 (1.8%) 0.79 19,018
2022-12-01 $322,425 (3.3%) $481,210 (0.9%) 0.80 16,289
2023-01-01 $327,450 (5.6%) $492,894 (0.7%) 0.81 14,258
2023-02-01 $337,495 (4.7%) $517,753 (0.7%) 0.81 12,900
2023-03-01 $352,400 (6.0%) $544,425 (4.0%) 0.83 12,275
2023-04-01 $369,000 (5.5%) $567,358 (6.7%) 0.86 11,825
2023-05-01 $376,238 (6.0%) $591,637 (10.5%) 0.85 12,109
2023-06-01 $382,500 (6.3%) $589,573 (11.2%) 0.86 13,082
2023-07-01 $389,000 (11.1%) $586,899 (14.3%) 0.88 13,965
2023-08-01 $384,500 (10.0%) $578,186 (13.8%) 0.88 14,426
2023-09-01 $375,000 (10.3%) $565,520 (12.6%) 0.87 14,996
2023-10-01 $369,950 (8.9%) $559,841 (12.4%) 0.87 15,411
2023-11-01 $360,000 (9.1%) $548,387 (11.8%) 0.86 15,247
2023-12-01 $350,000 (8.6%) $534,697 (11.1%) 0.85 13,309
2024-01-01 $350,448 (7.0%) $547,765 (11.1%) 0.86 11,660
2024-02-01 $359,950 (6.7%) $573,169 (10.7%) 0.87 11,176
2024-03-01 $374,900 (6.4%) $593,109 (8.9%) 0.88 11,333
Chicago's median listing price for 2024-03-01 was $374,900, a difference of $22,500 (6.4%) versus the prior year and $14,950 versus the prior month.

Chicago's median listing price comes in at 88% of the national average.

Chicago's average listing price for 2024-03-01 was $593,109, a difference of $48,684 (8.9%) versus the prior year and $19,940 versus the prior month.

For the 2024-03-01 period, Chicago had 11,333 MLS listings, a difference of 157 listings (1%) versus the prior month and -942 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,893 sqft
2018-02-01 54 days 1,951 sqft
2018-03-01 43 days 2,000 sqft
2018-04-01 40 days 2,015 sqft
2018-05-01 40 days 2,021 sqft
2018-06-01 42 days 2,016 sqft
2018-07-01 44 days 2,000 sqft
2018-08-01 47 days 1,980 sqft
2018-09-01 49 days 1,966 sqft
2018-10-01 51 days 1,934 sqft
2018-11-01 56 days 1,901 sqft
2018-12-01 67 days 1,865 sqft
2019-01-01 73 days 1,863 sqft
2019-02-01 55 days 1,903 sqft
2019-03-01 43 days 1,962 sqft
2019-04-01 39 days 2,000 sqft
2019-05-01 40 days 2,000 sqft
2019-06-01 43 days 2,000 sqft
2019-07-01 45 days 2,000 sqft
2019-08-01 48 days 1,971 sqft
2019-09-01 51 days 1,939 sqft
2019-10-01 54 days 1,917 sqft
2019-11-01 61 days 1,900 sqft
2019-12-01 74 days 1,869 sqft
2020-01-01 76 days 1,861 sqft
2020-02-01 45 days 1,915 sqft
2020-03-01 43 days 1,955 sqft
2020-04-01 51 days 1,929 sqft
2020-05-01 59 days 1,950 sqft
2020-06-01 45 days 1,938 sqft
2020-07-01 41 days 1,906 sqft
2020-08-01 40 days 1,872 sqft
2020-09-01 40 days 1,807 sqft
2020-10-01 43 days 1,791 sqft
2020-11-01 50 days 1,731 sqft
2020-12-01 58 days 1,700 sqft
2021-01-01 64 days 1,680 sqft
2021-02-01 45 days 1,679 sqft
2021-03-01 40 days 1,676 sqft
2021-04-01 33 days 1,692 sqft
2021-05-01 33 days 1,700 sqft
2021-06-01 32 days 1,726 sqft
2021-07-01 33 days 1,728 sqft
2021-08-01 36 days 1,702 sqft
2021-09-01 38 days 1,690 sqft
2021-10-01 40 days 1,670 sqft
2021-11-01 45 days 1,642 sqft
2021-12-01 53 days 1,602 sqft
2022-01-01 59 days 1,600 sqft
2022-02-01 39 days 1,600 sqft
2022-03-01 34 days 1,624 sqft
2022-04-01 30 days 1,656 sqft
2022-05-01 29 days 1,700 sqft
2022-06-01 30 days 1,725 sqft
2022-07-01 32 days 1,733 sqft
2022-08-01 36 days 1,725 sqft
2022-09-01 40 days 1,709 sqft
2022-10-01 40 days 1,710 sqft
2022-11-01 44 days 1,703 sqft
2022-12-01 54 days 1,700 sqft
2023-01-01 60 days 1,700 sqft
2023-02-01 44 days 1,703 sqft
2023-03-01 40 days 1,744 sqft
2023-04-01 38 days 1,782 sqft
2023-05-01 34 days 1,800 sqft
2023-06-01 34 days 1,801 sqft
2023-07-01 36 days 1,815 sqft
2023-08-01 36 days 1,801 sqft
2023-09-01 37 days 1,800 sqft
2023-10-01 37 days 1,794 sqft
2023-11-01 41 days 1,778 sqft
2023-12-01 50 days 1,758 sqft
2024-01-01 56 days 1,759 sqft
2024-02-01 40 days 1,763 sqft
2024-03-01 33 days 1,800 sqft
Chicago's median listing age (time on market) for 2024-03-01 was 33 days. This is -18% shorter than the same period one year ago.

Chicago's median square footage for active listings during the 2024-03-01 period was 1,800 sqft. One year prior, the average listing was 1,744 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).