How Much Does It Cost To Sell A House In Illinois? | Bankrate (2024)

How Much Does It Cost To Sell A House In Illinois? | Bankrate (1)

Marcia Straub/Getty Images

If you’re preparing to put your Illinois home on the market, it’s tempting to think about how much you’ll earn from the sale: Home prices across the Prairie State are up almost 10 percent since last year, according to Redfin data. But to calculate this number correctly, you’ll need to consider all the expenses involved in selling a house. From closing costs to agent commissions, let’s look at how much it costs to sell a house in Illinois.

Sellers’ closing costs

No matter what state you’re located in, home sellers pay a set of fees and expenses to finalize the transaction — also known as closing costs. As a home seller in Illinois, your closing costs will likely include some or all of the following:

  • Title costs: Illinois sellers are typically responsible for the title search and, optionally, an owner’s title insurance policy. This protects the buyer against title-related issues. Prices vary depending on your home’s sale price and insurer, but it’s common for these policies to cost a couple thousand dollars.
  • Escrow fees: If any funds are being held in an escrow account, you may be charged a fee to maintain it. Escrow fees are often split with the buyer.
  • Transfer tax: In most parts of Illinois, sellers pay transfer taxes. (However, if you’re selling a home in Chicago, the buyer must also pay a portion.) The state’s transfer tax rate is $0.50 per $500 of property value, and depending on where you live, there may be additional charges by your county and municipality as well. Local rates vary.
  • Property taxes and HOA fees: You’ll need to make sure your property taxes are paid until the day the deal officially closes. The same may apply to your homeowners association fees, if applicable.
  • Attorney fees: Illinois doesn’t require sellers to hire a real estate attorney, but working with one can ensure your interests are protected. Legal fees will be due at closing.
  • Seller concessions: Often, sellers will offer to pay a portion of the buyer’s closing costs or cover certain home repairs. Known as seller concessions, these expenses are also settled at closing time.

Real estate agent commissions

A sizable chunk of the cost to sell a house, in Illinois or anywhere, also goes toward real estate agent commissions. These typically equal 5 to 6 percent of the home’s sale price. The median sale price of a home in the state was $282,000 in March, according to Illinois Realtors’ data — 5.5 percent commission on a sale of that price would come to $15,510.

Up until recently, it was standard for sellers to cover this entire cost, but starting this summer, due to a recently settled lawsuit, it could be split between the buyer and seller.

Of course, property prices (and therefore commissions) vary widely depending on where in the state you’re located. For example, the March median price in Chicago was almost $100K higher than the statewide median at $359,000. A 5.5 percent cut of that price would be just under $20,000.

Preparing your home for sale and moving

Before your home hits the Illinois housing market, you might want to spend some money on sprucing it up, so that it looks as appealing as possible to potential buyers. You don’t necessarily need to fix every single issue, but it’s smart to address obvious things that buyers might notice while exploring your property. High-quality professional photos can also help your listing stand out and attract more attention.

You might also consider home staging, which involves hiring a professional to decorate and arrange furniture to maximize your house’s appeal. The price will depend on how much work you need done, from simple rearranging to furniture rentals. Ask your agent about whether staging might help you bring in a higher price.

Lastly, don’t forget to budget for moving costs. On average, hiring pros for a local move costs around $1,700, according to HomeAdvisor, while cross-country moves can be several times more expensive.

How much do I get from selling my house?

After subtracting all the costs of selling your home — and paying off the remainder of your mortgage, if you have one — whatever’s left will be your net proceeds from the sale. This number depends on several factors, including how much you’ve paid in closing costs, commissions and the other factors outlined above. The amount you paid for your home and your remaining mortgage balance also influence how much you’ll walk away with.

Reducing costs

Although many of these expenses are unavoidable, you may be able to lower your costs with these tips:

  • Negotiate commissions: Many real estate agents are willing to negotiate their commission rate, so it’s worth discussing before you hire someone. Even a small reduction could save you a bundle, especially on a higher-priced home.
  • Sell as-is: Rather than spending money on repairs, consider selling in as-is condition. This means that the buyer purchases your house in its current condition, and any work needed will be their responsibility, not yours. Be aware, though, that you may earn less money with this type of sale.
  • Compare rates: When looking for a service provider (like a home stager or moving company), request quotes from multiple companies to track down the best deal.


Working with an agent may be the most common way to sell a home, but it isn’t the only option. Here are some alternatives to consider:

  • Cash homebuying firms or iBuyers: In Illinois, there are many companies that buy homes for cash, including national brands, local firms and online-only iBuyers. Going this route has its perks, especially if you’re hoping to sell fast. But the trade-off is that you’ll likely earn less money than you’d get from a traditional agent-assisted sale.
  • FSBO: You’ve also got the option to sell your home without a Realtor in what’s known as a for sale by owner listing. On the plus side, there’s no need to pay a listing agent’s fee. However, you’d be responsible for everything a listing agent ordinarily does, including setting an asking price, organizing viewings and managing the closing paperwork.
  • Home equity: If you need cash but don’t want to give up your property, you might be able to tap into your equity with a home equity loan or line of credit.
  • Renting: Similarly, if you don’t need the cash from a sale ASAP, finding a tenant to move in could bring in steady rental income.

Next steps

If you plan to sell your house in the traditional way, start by finding a local real estate agent with experience in your specific area of Illinois. With their insight and local market expertise, you’ll be in a good position to maximize your profit and navigate the deal with confidence.


How Much Does It Cost To Sell A House In Illinois? | Bankrate (2024)


How Much Does It Cost To Sell A House In Illinois? | Bankrate? ›

Real estate agent commissions

How much are closing costs for sellers in Illinois? ›

Seller closing costs in Illinois range from 6.25% to 9% of the home selling price. It also depends upon many factors like taxes, mortgage payoff, property closing costs, etc.

How much tax do you pay when you sell your house in Illinois? ›

Instead, it taxes all capital gains as ordinary income, using the same rates and brackets as the regular state income tax. Illinois is one of the states with a flat income tax rate. In the case of Illinois, no matter the amount of taxable ordinary income, the state tax rate will always be 4.95%.

What percentage do most realtors charge in Illinois? ›

In Illinois, Realtors most commonly charge a total commission of 5-6% of the home's final sale price, typically split between the listing broker (2.5-3%) and buyer's broker (2.5-3%).

What do most realtors charge to sell your house? ›

The typical commission under the current model has been somewhere between 5 and 6 percent of a home's purchase price, which is then split evenly between the agent representing the buyer and the agent representing the seller.

Who pays title fees in Illinois? ›

Who Pays for the Cost of Title Insurance? In Illinois, it has been the custom for the Seller to pay for the cost of Owner's Title Insurance and the Buyer to pay for the its lender's Loan Policy.

What are the biggest closing costs usually paid by sellers? ›

Seller closing costs in California can amount to 8%-10% of the final sale price of the home. This does not include the mortgage payoff. The biggest closing cost (5%-6%) the seller has to pay is the listing and buyer's agent commission.

How much do you pay the IRS when you sell a house? ›

If you sell a house or property in one year or less after owning it, the short-term capital gains is taxed as ordinary income, which could be as high as 37 percent. Long-term capital gains for properties you owned for over a year are taxed at 0 percent, 15 percent or 20 percent depending on your income tax bracket.

At what age do you stop paying property taxes in Illinois? ›

Senior Exemption

Most senior homeowners are eligible for this exemption if they are 65 years of age or older and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessor's Office automatically renews it for you each year.

Do sellers pay property taxes at closing in Illinois? ›

Illinois home sellers are also typically responsible for covering the cost of the buyer's title insurance policy. Sellers might also need to pay prorated property taxes and HOA fees (if applicable) up to the closing date.

How much does the average realtor make in Illinois? ›

Real Estate Agent Salary in Illinois
Annual SalaryMonthly Pay
Top Earners$124,519$10,376
75th Percentile$96,900$8,075
25th Percentile$58,100$4,841

Do realtors negotiate for you? ›

Yes, they do. Realtors have a fiduciary duty to protect and serve their clients. And that means ensuring their clients get the best deal. This makes negotiations an integral part of an agent's service to their clients.

What percentage do most estate agents charge? ›

Key takeaways
  • Estate agent fees typically range from 1% to 3.5% of your home's sale price, but you can find estate agents who offer flat-fees.
  • Only the seller pays the agent's fee - usually after your home has sold.
  • You can work with the estate agent to decide on marketing and other services to include in the cost.
Oct 19, 2023

How many houses do most realtors sell? ›

According to NAR, the average Realtor completes a median of 12 residential transactions annually. However, it's important to keep in mind that this doesn't necessarily indicate how many houses the average Realtor sells. A completed transaction can mean the agent assisted on either the buyer's or seller's side.

When an agent represents both the buyer and seller in the same transaction, this action is? ›

Disclosed limited agency is just another name for dual agency. That is, a situation in which a single agent represents both the buyer and the seller in a real estate transaction.

Who sets the amount or rate of real estate commissions? ›

Commission rates are set by the market.

National Association of REALTORS'® guidelines ensure that the listing broker advise all other participants in their local broker marketplace what the amount of compensation to the buyer's broker will be for closing the sale.

Who pays transfer tax in Illinois? ›

Most of the time, sellers pay. In some communities, buyers are hit with the tax. In Chicago, both buyers and sellers must pay a transfer tax. In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price.

Do you need an attorney to sell a house in Illinois? ›

While Illinois does not require you to hire an attorney for a real estate transaction, it's in your best interest to work with one. There are certain tasks related to Illinois real estate deals that only you or your lawyer can perform, and a lawyer can safeguard your rights throughout the legal process.

How do you calculate transfer tax in Illinois? ›

In Illinois, property sellers, not home buyers, pay the state and county real estate transfer tax. The state charges sellers $1.00 per $1,000.00 of the property's sales price. To calculate the Illinois tax, multiply the sales price by 0.10%.

How much does a title search cost in Illinois? ›

Title Search Fee – This covers the title research work. Fees can vary but typically average around $150 in Illinois. Some companies include it in the title insurance cost. 2.

Top Articles
Latest Posts
Article information

Author: Delena Feil

Last Updated:

Views: 5995

Rating: 4.4 / 5 (65 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Delena Feil

Birthday: 1998-08-29

Address: 747 Lubowitz Run, Sidmouth, HI 90646-5543

Phone: +99513241752844

Job: Design Supervisor

Hobby: Digital arts, Lacemaking, Air sports, Running, Scouting, Shooting, Puzzles

Introduction: My name is Delena Feil, I am a clean, splendid, calm, fancy, jolly, bright, faithful person who loves writing and wants to share my knowledge and understanding with you.