How Long are Property Appraisals Valid in Chicago?

When buying, selling, or refinancing a home in Chicago, one of the most common questions homeowners and buyers ask is: How long is my property appraisal valid? The answer isn’t always straightforward, but generally, a property appraisal is considered valid for 90 days. However, depending on the lender, loan type, and market conditions, the validity period can range from 90 to 180 days.

Property Appraisals Time Limit

Appraisals are meant to provide a snapshot of a home’s market value at a given time. In a fast-moving market like Chicago, where property values can shift due to seasonality, neighborhood trends, or broader economic factors, lenders often require a fresh appraisal if too much time has passed. For example, the Federal National Mortgage Association (Fannie Mae) typically allows appraisals to be valid up to 120 days before requiring an update【source: Fannie Mae Selling Guide† https://selling-guide.fanniemae.com】.

It’s also worth noting that refinancing rules may differ slightly from purchase rules. The Federal Housing Administration (FHA) appraisals, for example, are usually valid for 120 days, with the possibility of extension under certain conditions【source: HUD†https://www.hud.gov/program_offices/housing/sfh】.

For Chicago homeowners, the local market adds another layer of complexity. With neighborhoods like Logan Square, Bronzeville, or Wicker Park experiencing rapid changes, lenders may be especially cautious about relying on older appraisals. If your transaction takes longer than expected, your lender may order an appraisal update or a completely new report to ensure the value is still accurate.

Bottom line: In Chicago, expect your property appraisal to be valid for about 90–120 days, but always confirm with your lender, since requirements can vary.

With over 30 years of experience in Chicago and surrounding suburbs, Real Valuation Services provides accurate real estate valuation and advisory services. Request your home appraisal today and experience why Chicagoland residents rely on Real Valuation Services for certified, local expertise.

📞 Or call us at 317-270-0500 to schedule your appraisal