Des Plaines, Illinois Housing Market

How much can you negotiate in Des Plaines?

Only 63 out of every 100 homes for sale have found a buyer. The other 37 are still waiting. Your offer may be the only one on the table. Few sellers are dropping their price. Asking prices are holding firm. Your discount will come from one stale listing, not from the whole market.

A typical Des Plaines home takes 29 days to find a buyer. Half of them take even longer. That is 11% faster than a year ago. Those sellers are paying to own a house they want to sell. Search for homes listed 30+ days ago. There are 152 homes for sale in Des Plaines. That is 3.9 times the tightest month on record, but below the peak of 330. Supply is growing against last year.

What to do about it

• Search Des Plaines homes listed 30+ days ago that have already cut their price.
• Offer below the reduced price.
• Keep your inspection and financing contingencies.
• Ask the seller to pay closing costs.
• You can lose a few offers here and still win.

Is now a good time to buy in Des Plaines?

Asking prices are 4.9% below their May 2024 peak. You are not buying at the top. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house. Des Plaines prices have risen in 91 of the last 111 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.

Who will rent from you in Des Plaines?

In Des Plaines, 31 out of every 100 households rent. Most own their home. The renter share is shrinking. Five years ago it was 33 in 100. Des Plaines lost about 800 renter households in five years. Renter households here average 2.6 people. Families rent here. Buy bedrooms, not studios.

Households grew 2% in five years. The housing stock grew 2%. The two are moving in step. Just 6.0% of homes sit empty. A well-priced rental fills fast here.

The median Des Plaines household earns $87,719 a year. Incomes here have grown 6.4% a year since 2019. Incomes and home prices are rising in step. A typical home costs 4.4 times the median income. That is the national middle. Neither cash flow nor appreciation is free here. A tenant on the median income can pay about $2,193 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast.

That is the market, not your address. Run an address through the app to see its rent estimate and cash flow.

What numbers should you underwrite a Des Plaines deal with?

• Price growth to assume — +4.0%/yr. Des Plaines grew 6.5% a year over the last five years. That is faster than its ten-year pace. The momentum is recent. Do not assume it continues. Underwrite between the two rates. Prices rose 4.8% over the last year. That is a timing signal, not a trend.
• Months of carrying cost — 1. A typical home takes 29 days to sell. Budget that long when you exit or refinance.
• Odds you cut your price to sell — 1 in 6. About 17% of homes on the Des Plaines market right now have already cut their asking price. Assume you are one of them when you sell. Do not underwrite an exit at your asking price.
• Comp on this, not median price — $247/sqft. The average listing runs +10% above the median. Luxury homes skew it. Comp your own size class per sqft.
• Competition when you exit — +55%. That is how much the number of homes for sale grew in a year. Your resale will face a bigger crowd than today's comps did.
• Price-to-income ratio — 4.4×. A typical home costs 4.4 times the median income. That is the national middle. Neither cash flow nor appreciation is free here. Incomes and home prices are rising in step.
• Tenant rent ceiling — $2,193/mo. 30% of the median household income of $87,719. Rents above this line shrink your tenant pool fast.

Is Des Plaines a buyer's or seller's market in 2026?

Yes, if you negotiate. Buyers have the upper hand in Des Plaines right now. 63 out of every 100 homes for sale have a buyer, 17% of sellers have cut their price, and a typical home takes 29 days to sell.

Are Des Plaines home prices going up or down?

Asking prices are 4.9% below their May 2024 peak. You are not buying at the top. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house.

What price growth should I assume for Des Plaines?

Assume +4.0% a year. Des Plaines grew 6.5% a year over the last five years. That is faster than its ten-year pace. The momentum is recent. Do not assume it continues. Underwrite between the two rates. Prices rose 4.8% over the last year. That is a timing signal, not a trend.

How fast are homes selling in Des Plaines?

A typical Des Plaines home takes 29 days to find a buyer. Half of them take even longer. That is 11% faster than a year ago. Those sellers are paying to own a house they want to sell. Search for homes listed 30+ days ago.

Is Des Plaines a renters' market or an owners' market?

In Des Plaines, 31 out of every 100 households rent. Most own their home. The renter share is shrinking. Five years ago it was 33 in 100. Just 6.0% of homes sit empty. A well-priced rental fills fast here.

What rent can Des Plaines tenants afford?

A tenant on the median income can pay about $2,193 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast. The median Des Plaines household earns $87,719 a year.