Chicago Housing Market: Trends & Prices
Chicago Real Estate Market Overview
(Last Updated – 06/2020)
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 up 3.9% in January of 2020, in Chicago home values only rose about half as much as the national average that month. 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 19th 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 26 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 houses for sale in Chicago typically receive multiple offers, but also sell for around 2% below their list price.
$330,000
Avg. Home Price
$222
Avg. Price Per Sq. Ft
40 days
Avg. Time on Market
Chicago Housing Market Forecast
Until recently, Chicago market trends were red hot. Chicago house prices rose by 0.6% in the past year, but experts expect they will fall by 2.3% in the coming year.
As the chart illustrates below, this decline is a sharp contrast from rising housing home values in recent years.
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: $112,376
Median Age: 34.9
College Educated: 38%
Homeowners: 45.7%
Married: 37%
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:
12,567
Median Age:
32
Housing Units:
6,934
Bike Score:
92
Walk Score:
89
Transit Score:
68
Average Household Income:
$66,200
Hyde Park Housing Market
The Hyde Park housing market isn’t the most competitive in the Chicago market and that may be because not all Chicago area home prices are rising as quickly as Hyde Parks’.
Home values in this neighborhood rose by an impressive 31.9% in the past year.
Average Home Price
$238,000
Average Price Per Sqare Ft.
$161
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:
87,509
Median Age:
31,8
Housing Units:
38,659
Bike Score:
92
Walk Score:
89
Transit Score:
68
Average Household Income:
$102,153
Logan Square Housing Market
Homebuyers should note that home values in the Logan Square neighborhood have skyrocketed since last year. Home values in this neighborhood have risen by a whopping 14.7%.
A rise in prices is not slowing down sales, the average home sells in around 17 days, whereas more popular homes can complete the sales process in just six days.
Average Home Price
$528,000
Average Price Per Square Ft.
$277
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:
71,308
Median Age:
30.3
Housing Units:
36,451
Bike Score:
92
Walk Score:
94
Transit Score:
79
Average Household Income:
$170,947
Lincoln Park Housing Market
Home prices in Lincoln Park have dropped over 5% in the past year and typically homes sell for around 3% below their list price in this neighborhood.
It can take around 44 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
$525,000
Average Price Per Square Ft.
$345
Bridgeport
Bridgeport is one of the oldest and most politically influential neighborhoods in Chicago. Baseball fans will appreciate this neighborhood is home to the Chicago White Sox, which will make for plenty of fun family outings to the ballpark.
Quick Facts
Population:
26,421
Median Age:
32.4
Housing Units:
10,603
Bike Score:
84
Walk Score:
78
Transit Score:
61
Average Household Income:
$59,387
Bridgeport Housing Market
Housing prices are dropping in Bridgeport (3.6% 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 2% below the list price.
Move quickly if you find a home you love—homes that Redfin considers to be “hot homes” can sell in around a week.
Average Home Price
$405,000
Average Price Per Square Ft.
$215
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:
94,395
Median Age:
34.4
Housing Units:
39,992
Bike Score:
80
Walk Score:
84
Transit Score:
68
Average Household Income:
$107,994
Avondale Housing Market
Avondale is considered by experts to be a very competitive housing market as many of the homes for sale in this neighborhood receive multiple offers.
Homes can complete the selling process in six days for in-demand homes or a longer 27 days for the average home in this neighborhood.
Average Home Price
$475,000
Average Price Per Square Ft.
$235
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.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOHL20010