Chicago Housing Market: Trends & Prices
Chicago Real Estate Market Overview
(Last Updated – 7/2023)
The good old Windy City is known for its beautiful architecture, access to world class art and entertainment options, and for having some really good pizza. While deep dish may not be reason enough alone to move to Chicago, perhaps the current Chicago housing market is enticing enough.
Even though home values nationwide were down 3.1% in May 2023, in Chicago home values also dropped and remain below the national average. While Chicago homeowners may not relish in this news, it may help hopeful homebuyers find a good deal on Chicago home prices.
If you’re more of a snow bunny than a beach lover, you may find Chicago’s chillier weather appealing. Chicago has 38 inches of rain, 35 inches of snow, and 189 sunny days per year, compared to the national average of 38 inches of rain, 28 inches of snow, and 205 sunny days.
What the city of Chicago lacks in sunny days, it makes up for in education opportunities. Illinois landed the 12th spot (out of all 50 states) on U.S. News’ Best States for Education list.
Families may also appreciate having ample room for their children to play in Chicago, which isn’t a given in all cities. With more than 8,800 acres of green space, The Chicago Park District is the largest municipal park manager in the nation. Throughout more than 600 parks, there are ample sports, cultural, and environmental programs for residents of all ages.
Not to mention, there are 28 indoor pools and 50 outdoor pools to choose from. Add in 28 miles of lakefront access and you’re looking at some nice family beach days in the summertime.
Overall Chicago Market Trends
The real estate professionals at Redfin view the Chicago real estate market as “somewhat competitive,” likely due to the fact that some houses for sale in Chicago receive multiple offers, but they do sell for around 1% below their list price.
$340,000
Avg. Home Price
$257
Avg. Price Per Sq. Ft
56 days
Avg. Time on Market
Chicago Housing Market Forecast
Chicago house prices went down by 4.2% in May 2023 compared to the past year, but experts project they will rise by 1.7% in the coming year.
As the chart below illustrates, after a decline in 2022, Chicago’s housing home values are on the rise again so far this year.
Demographics of the Chicago Market
While the demographics of Chicago can vary greatly by neighborhood, before you dive deeper into which part of town you want to call home, you should familiarize yourself with demographics of the entire Chicago real estate market.
Median Income: $65,781
Median Age: 35.1
College Educated: 41.7%
Homeowners: 45.6%
Married: 37.8%
Popular Chicago Neighborhoods
From walkable neighborhoods on the Southwest Side to the tree-lined streets of Humboldt Park, there is a neighborhood for everyone in Chicago to love.
There are almost too many great neighborhoods to choose from, which is why we’re breaking down the fast facts you need to know about five of the most popular neighborhoods in Chicago.
Hyde Park
If you and your family enjoy the great outdoors as much as you do the hustle and bustle of city life, then Hyde Park may be able to combine your two great loves. Locals enjoy cycling and jogging along the lakefront, swimming and sailing on the lake, and having picnics in nearby parks.
When winter comes and it’s time to stay inside curled up with a good book, stop by the oldest bookstore in Chicago, O’Gara & Wilson, or the world-renowned academic bookstore Seminary Co-op.
Quick Facts
Population:
12,831
Median Age:
33
Housing Units:
7,217
Bike Score:
91/100
Walk Score:
87/100
Transit Score:
64/100
Average Household Income:
$74,032
Hyde Park Housing Market
The Hyde Park housing market isn’t the most competitive in the Chicago market as multiple offers are rare here and homes typically stay on the market for 65 days.
Home values in this neighborhood went down by 2.1% in May 2023 compared to the past year.
Average Home Price
$237,000
Average Price Per Square Ft.
$178
Logan Square
If you have an artistic spirit, then you’ll feel right at home in Logan Square! This neighborhood is known for its creative energy and urban vibe, as well as being home to some major Chicago landmarks and architecture.
If you’re hungry, stop by one of Logan Square’s Michelin-rated restaurants or enjoy a stroll at the Sunday Farmers Market.
Quick Facts
Population:
85,564
Median Age:
32.6
Housing Units:
40,717
Bike Score:
93/100
Walk Score:
91/100
Transit Score:
68/100
Average Household Income:
$125,881
Logan Square Housing Market
Homebuyers should note that home values in the Logan Square neighborhood went down by 3.7% in May 2023 compared to last year.
A drop in prices seems to be slowing down sales, as the average home sells in around 53 days, whereas more popular homes typically complete the sales process in 38 days.
Average Home Price
$515,000
Average Price Per Square Ft.
$332
Lincoln Park
Lincoln Park is one of Chicago’s more famous neighborhoods and according to some, it’s one of the more desirable neighborhoods to live in. Lakefront views don’t hurt the curb appeal of this neighborhood and neither does the conveniently close access to downtown.
Of course, you can’t forget about the Lincoln Park Zoo, Chicago History Museum, and the Nature Museum, as well as the many other artistic and family-friendly attractions in this neighborhood.
Quick Facts
Population:
72,119
Median Age:
30.9
Housing Units:
37,153
Bike Score:
92/100
Walk Score:
94/100
Transit Score:
79/100
Average Household Income:
$204,211
Lincoln Park Housing Market
Home prices in Lincoln Park rose by 5.8% in May 2023 compared to last year, and typically homes sell for around 1% below their list price in this neighborhood.
It can take around 49 days for a home to complete the sales process from start to finish, but that should give buyers a little more time to mull over their options than in more competitive neighborhoods.
Average Home Price
$623,000
Average Price Per Square Ft.
$395
Bridgeport
Bridgeport is one of the oldest and most politically influential neighborhoods in Chicago. Baseball fans will appreciate that this neighborhood is home to the Chicago White Sox, which will make for plenty of fun family outings to the ballpark.
Quick Facts
Population:
27,086
Median Age:
34.9
Housing Units:
11,045
Bike Score:
83/100
Walk Score:
82/100
Transit Score:
61/100
Average Household Income:
$75,740
Bridgeport Housing Market
Housing prices are up in Bridgeport (2.2% in May 2023 since last year), so now might be a chance to snag a home in this charming neighborhood at a great price. Especially as most homes for sale sell for about 3% below the list price.
You probably won’t need to move quickly if you find a home you love—homes that Redfin considers to be “hot homes” can take 38 days to sell in this non-competitive market.
Average Home Price
$455,000
Average Price Per Square Ft.
$239
Avondale
Avondale was named one of the hottest neighborhoods by Loney Plant in 2017 and ever since, Chicago residents and the media began taking notice of this somewhat small and quiet neighborhood.
This neighborhood’s vibrant music and food scene helped catch the attention of Lonely Planet and eager home buyers alike.
Quick Facts
Population:
95,078
Median Age:
35
Housing Units:
40,987
Bike Score:
80/100
Walk Score:
87/100
Transit Score:
68/100
Average Household Income:
$130,637
Avondale Housing Market
Avondale is considered by experts to be a somewhat competitive housing market as some of the homes for sale in this neighborhood receive multiple offers.
It can take 34 days to complete the selling process for in-demand homes or a longer 55 days for average homes in this neighborhood.
Average Home Price
$500,000
Average Price Per Square Ft.
$300
SoFi Home Loans
It’s easy to see why Chicago has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Chicago could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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