Did You Know? Over 125,000 Property Appraisals Are Completed in Chicago Each Year
Every year, thousands of property appraisals are conducted across Chicago—and the demand continues to rise each year. From mortgages and refinancing to tax reassessments and estate settlements, valuation services play a central role in the Chicago area real estate ecosystem.
How Many Property Appraisals Occur Annually in Chicago?
While there’s no single data source aggregating appraisal counts, a look at real estate activity in Cook County provides a reliable estimate.
Here Is a Quick Estimate of Property Appraisals in Chicago:
Over 125,000 property appraisals are completed in Chicago each year, based on:
- 30,000–40,000 annual home sales (Chicago Association of REALTORS®)
- Thousands of refinances and HELOCs
- Over 422,000 property tax appeals filed in Cook County annually (Cook County Board of Review)
- Additional appraisals for legal, estate, and private reasons
Given the city’s volume of transactions and ongoing reassessments, property appraisals are an integral part of Chicago’s housing and finance infrastructure.
These Property Appraisals Aren’t Just Numbers
Here’s what this activity reveals:
- Mortgage and Refinance Demand
With Cook County’s full market value totaling over $757 billion in 2022 (Civic Federation), appraisal services are essential for accurate lending decisions.
- Tax Appeals and Reassessments
Cook County’s triennial reassessments lead to hundreds of thousands of appeals—and many require professional valuation reports to support claims.
- Property Turnover
From single-family homes to condos to mixed-use buildings, every real estate transaction in Chicago requires an appraisal to verify fair market value.
Why These Numbers Matter to You
- Ensure Fair Valuation
With appraisal volume this high, you’re not alone knowing the landscape helps you prepare and advocate for your property’s true value.
- Beat the Rush
Spring and summer bring appraisal backlogs due to home sales and refis. Get ahead of the queue by booking in advance.
- Plan Ahead for Tax Appeals
If you plan to dispute your tax assessment, now is the time to schedule your property appraisal before the next appeal deadline.
Summary & Takeaway
Real Valuation Services is a participant in these numbers as well. We perform property appraisals driven by sales, refinancing, tax appeals, and estate-related needs. Valuations are an essential tool in protecting your financial interests in the real estate market. Whether you’re buying, refinancing, or appealing your taxes, we can help.
Need an accurate real estate appraisal?
Contact us at realvs.com or call 317-270-0500 to get started.