How much down payment do I need in Chicago?

The typical down payment in Chicago depends on the loan type, but a common down payment of 20% on a median-priced home of $394,500 would be around $78,900. Lenders will also want to see that you have cash reserves to cover closing costs and a few months of mortgage payments. When buying a home, it's helpful to know the median listing price, which is currently $394,500. This price went up by 1.4% in the most recent month and 3.8% over the past year. There are 13,809 homes for sale right now, which is a drop of 7.8% compared to last year. Fewer homes are coming onto the market, with new listings down 11.8% over the past year. Homes are also selling a little faster. The typical home stays on the market for 33 days, which is slightly less time than a year ago. Even with fewer homes for sale, nearly as many homes are pending sale (13,621) as there are active listings. Fewer homes for sale and quicker sales mean it's important to be prepared when you're ready to make an offer. Having your down payment and financing in order can help you act fast.