Illinois

Market intelligence, compliance regulations, and licensing requirements with source and freshness context.

Closing Model

Attorney Involved

Contracts

Varies by transaction

Avg Timeline

~45 Days

Renewal

12 CE Hrs / 2 Yrs

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Market Pulse

Median Home Price

$390,6686.1% YoY

vs. $477,383 previous

Days on Market

vs. 98 previous

Inventory

6.1 mos

vs. 4.6 mos previous

Status

Current

Review cadence: monthly

Data effective Apr 14, 2026

Economic Context

Macro Indicator	Current Value	Previous
Unemployment Rate	5.1%	—
Median Household Income	$81,702	—

Source: connector_state_baseline

Effective: Jul 24, 2026

Mortgage Climate

30-Year Fixed

Residential

6.73%

Source: seed

Updated: weekly

As of: Apr 9, 2026

15-Year Fixed

Residential

5.98%

Source: seed

Updated: weekly

As of: Apr 9, 2026

5/1 ARM

Residential

6.35%

Source: seed

Updated: weekly

As of: Apr 9, 2026

7/1 ARM

Residential

6.48%

Source: seed

Updated: weekly

As of: Apr 9, 2026

FHA

Residential

6.45%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Residential

6.15%

Source: seed

Updated: weekly

As of: Apr 9, 2026

USDA

Residential

6.25%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Jumbo

Residential

6.92%

Source: seed

Updated: weekly

As of: Apr 9, 2026

HELOC

Residential

8.5%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Reverse Mortgage

Residential

6.99%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Home Equity Loan

Residential

8.25%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Renovation/203k

Residential

7.1%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Non-QM

Residential

7.85%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Hard Money (Residential)

Residential

11.5%

Source: seed

Updated: weekly

As of: Apr 9, 2026

Interest-Only

Residential

7.25%

Source: seed

Updated: weekly

As of: Apr 9, 2026

5/1 ARM

Residential

6.06%

Source: Freddie Mac PMMS ARM

Updated: weekly

As of: Nov 10, 2022

15-Year Fixed

Residential

6.6%

Source: Freddie Mac PMMS

Updated: weekly

As of: Oct 29, 2026

30-Year Fixed (Conforming)

Residential

7.13%

Source: Optimal Blue OBMMI

Updated: daily

As of: Nov 2, 2026

Jumbo 30-Year Fixed

Residential

7.048%

Source: Optimal Blue OBMMI

Updated: daily

As of: Nov 2, 2026

FHA 30-Year Fixed

Residential

6.959%

Source: Optimal Blue OBMMI

Updated: daily

As of: Nov 2, 2026

VA 30-Year Fixed

Residential

6.765%

Source: Optimal Blue OBMMI

Updated: daily

As of: Nov 2, 2026

Rate data effective Nov 2, 2026

Contract Practices

Asset Family	Contract Standardization	Disclosure Layer	Closing Model
Single-Family Detached Residential 1-4	Standardized forms	Property Condition, Agency/Disclosure Notice, Fair Housing, HOA If Applicable, Lead Based Paint If Applicable	Attorney Or Title/Escrow Depending On State/Local Practice
Condominium / Co-op Residential 1-4	Standardized forms	Association/Condo Docs, Budgets/Fees, Property Condition, Lead Based Paint If Applicable	Attorney Or Title/Escrow Depending On State/Local Practice
Townhome / PUD Residential 1-4	Standardized forms	HOA/PUD Docs, Assessments, Property Condition, Lead Based Paint If Applicable	Attorney Or Title/Escrow Depending On State/Local Practice
Duplex / Triplex / Fourplex Residential 1-4	Standardized forms	Property Condition, Rent Rolls, Existing Leases, Deposits, Fair Housing	Attorney Or Title/Escrow Depending On State/Local Practice
Manufactured / Modular Home Residential 1-4	Standardized forms	Real Vs Personal Property Status, Title/Serial Info, Community Rules, Property Condition	Attorney Or Title/Escrow Plus DMV/Title Agency Issues Where Applicable
Residential Lease Residential Leasing	Standardized forms	Landlord Tenant Disclosures, Fair Housing, Lead Based Paint If Applicable, Local Notice Requirements	Usually Broker/Landlord Operational Workflow, Not Title Closing
Apartment / Multifamily 5+ Multifamily	Standardized or custom	Tenant Estoppels, Service Contracts, Rent Roll, Regulatory/Affordable Housing Docs If Applicable	Attorney Or Title/Escrow Depending On State/Local Practice
Office Commercial	Standardized or custom	Tenant Leases, Estoppels, Service Contracts, Zoning/Use Diligence	Attorney Or Title/Escrow Depending On State/Local Practice
Retail Commercial	Standardized or custom	Tenant Estoppels, CAM Reconciliations, Use/Exclusive Provisions	Attorney Or Title/Escrow Depending On State/Local Practice
Industrial / Warehouse / Flex Commercial	Standardized or custom	Environmental Diligence, Dock/Yard Use, Access/Easements, Tenant Estoppels If Occupied	Attorney Or Title/Escrow Depending On State/Local Practice
Mixed-Use Commercial	Standardized or custom	Residential + Commercial Overlays, Tenant Estoppels, Association/Shared Area Docs	Attorney Or Title/Escrow Depending On State/Local Practice
Land / Development Site Land & Development	Standardized or custom	Survey, Title, Zoning/Entitlement, Access, Environmental, Mineral/Water Rights As Relevant	Attorney Or Title/Escrow Depending On State/Local Practice
Hospitality / Hotel / Motel / Resort Hospitality	Standardized or custom	Franchise/Management Agreements, Licenses, PIP/Brand Issues, Operational Contracts	Attorney Or Title/Escrow Depending On State/Local Practice
Self-Storage / Specialty Specialty Commercial	Standardized or custom	Operational Contracts, Licensing/Permit Docs Where Applicable, Environmental/Site Issues	Attorney Or Title/Escrow Depending On State/Local Practice
Farm / Ranch / Agricultural Land & Ag	Standardized or custom	Water/Mineral Rights, Access, Ag Valuation/Tax Status, Improvements/Equipment, Environmental/Flood	Attorney Or Title/Escrow Depending On State/Local Practice

Regulatory Updates

AI Video Interview Act — Tenant Screening Extension

ai_regulationBill: IDFPR Advisory 2025-03

Illinois expanded the AI Video Interview Act (820 ILCS 42) guidance to explicitly cover tenant screening applications using video analysis. Landlords and property managers using AI video screening must obtain consent, provide notice, and allow opt-out alternatives.

Impact: medium

Effective: Sep 1, 2025Read official bill text

SB 1290 — Broker Price Opinion Regulations

valuationBill: SB 1290

New regulations governing Broker Price Opinions (BPOs) in Illinois require specific disclosures that BPOs are not appraisals, establish minimum standards for BPO preparation, and define when BPOs can and cannot be used in place of appraisals.

Impact: medium

Effective: Aug 1, 2025Read official bill text

Updated Radon Disclosure Requirements

disclosureBill: HB 2345

Illinois strengthened radon disclosure requirements for residential property sales, requiring sellers to provide radon test results if testing was conducted and expanding the definition of required disclosures in the Residential Real Property Disclosure Report.

Impact: medium

Effective: Jun 1, 2025Read official bill text

State Rules & Customary Notes

Disclosures

Residential Real Property Disclosure Act

Closing Logistics

Attorney typically required for closing in many areas

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Frequently asked questions

Does Illinois require an attorney for real estate closings?

Yes. Illinois customarily or legally involves attorneys in real estate closings. Attorney typically required for closing in many areas

Does Illinois use standardized real estate contract forms?

Illinois does not mandate promulgated forms statewide; contract practices vary by transaction type.

How many continuing-education hours do Illinois real estate agents need?

Illinois requires 12 continuing-education hours per 2-year renewal period, with a renewal fee of $150.00. Must include Core curriculum on recent law changes

How long does closing take in Illinois?

A typical Illinois real estate closing takes about 45 days from contract to close, though financing, inspections, and title work can shift the timeline.