Chicago, IL Real Estate Market

With the median sale price matching the median list price exactly at $735,000, sellers in 60601 are in a strong position where homes are transacting at asking value. A median of 40 days on market suggests reasonable turnover, so pricing competitively from the start is key to capturing buyer interest without extended sitting time.

Buyers in the 60601 zip code are looking at a median home price of $735,000 and a price per square foot of $581.50, so understanding unit size and bedroom count is critical since 2-bedroom homes median at $685,000 while 3-bedroom homes jump significantly to $1,899,000. With 161 active listings available and a warm but not overheated market score of 64, buyers have some room to be selective without facing extreme competition.

The median rent in 60601 is $2,713 per month against a median sale price of $735,000, which points to a gross rent yield that warrants careful cash flow analysis before committing, especially with a 30-year mortgage rate at 6%. Rental inventory is notably deeper than for-sale inventory at 366 units versus 161 active sale listings, indicating strong renter demand in the area that could support long-term hold strategies.

The current 30-year fixed mortgage rate stands at 6.00% and the 15-year fixed rate is at 5.43%, both of which meaningfully affect monthly payment calculations on a $735,000 purchase price. Buyers who can manage the higher monthly payment of a 15-year loan would benefit from the lower rate at 5.43%, building equity faster in a market where price per square foot is already at $581.50.