Chatham, IL—62629
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Chatham, IL
As of Oct '25, the median home price in Chatham, IL is $293,000, with a year-over-year change of 6.9%. This indicates that home prices in Chatham, IL are increasing. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $293,000 | 6.9% |
| Single Family | $298,000 | 7.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $270,000 | 5.9% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Chatham, IL
As of July '25, Rentcast reports the average rent in Chatham, IL is $1,730, with a year-over-year rent change of -7.0%. Per bedroom, the median rent as of July '25 in Chatham, IL is 1-bedrooms: $921, 2-bedrooms: $1,230, 3-bedrooms: $2,020, 4-bedrooms: $2,600. The most common rental property sizes in Chatham, IL are 2-bedroom and 1-bedroom, accounting for 44.6% and 25.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,750 | $1,730 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $810 | $921 |
| 2 Bed Rent | $1,200 | $1,230 |
| 3 Bed Rent | $1,850 | $2,020 |
| 4 Bed Rent | $2,500 | $2,600 |
% of Rental Stock
Property Listings — Chatham, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Chatham, IL is 42. This is a decrease of -40.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $357,000 | -12.0% |
Listing Count | 41 | -14.0% |
| Listings as % of Homes | 0.6% | -14.0% |
Days on Market | 42 | -40.0% |
Demographics — Chatham, IL
As of the latest ACS Survey released in 2023, Chatham, IL has a population of 15,400, which has increased by 11.9% over the past 5 years. Chatham, IL is a popular place for families, as children make up 30.0% of the population. The area has a highly educated workforce, with 50.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,400 | 11.9% |
% Under 18 | 30.0% | 10.7% |
% Seniors | 12.0% | 4.3% |
% WFH | 13.9% | 135.6% |
% w/ College Degree | 50.3% | 3.1% |
As of the latest ACS Survey released in 2023, Chatham, IL is a predominantly white area, with 89.8% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Chatham, IL is hispanic, making up 3.1% of the population. Foreign-born residents account for 3.2% of the population in Chatham, IL, and this percentage has increased by 23.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 89.8% | -4.2% |
% Black | 2.2% | 100.0% |
% Hispanic | 3.1% | 63.2% |
% Asian | 2.4% | 60.0% |
% Foreign Born | 3.2% | 23.1% |
Mortgage and Risk — Chatham, IL
According to HUD data as of 2023, there were 311 mortgage originations in Chatham, IL, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Chatham, IL. Investor activity is low, as 2.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 311 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Chatham, IL
As of 2024, the percent of homes in Chatham, IL under the Section 8 program is 4.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Chatham, IL, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 48 |
Total Units Section 8 | 48 |
% Rentals under Section 8 | 4.1% |
% Occupied Section 8 | 78.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $310 | $810 | $1,120 |
| 2 Bedroom | $180 | $1,200 | $1,380 |
| 3 Bedroom | $10 | $1,850 | $1,860 |
| 4 Bedroom | -$590 | $2,500 | $1,910 |
Affordability — Chatham, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $293,000 |
| Median Household Income | $106,000 |