The Chicagoland area is a destination for many urban city lovers who want to live in a metropolitan area but perhaps without living in a city like New York or Los Angeles. With about 3-million people living there and another 1-million residing in the immediate suburbs, Chicago is the 3rd largest city in America. One interesting factor about Chicago real estate is that it’s one of the better markets for investment. The city has a strong rental market, in fact, one of the best in the United States.
In this article, we are going to discuss the current state of real estate in Chicago as well as some of the best places within Chicago to live. We will base most of those decisions on home value and location and less on outside factors like schools and public transit.
Current Real Estate Market
The current median home price is $245,000 which many might find surprising since Chicago isn’t a “cheap” place to live. Naturally, like most cities of this size and population density, plenty of exceptions to that price-point can be found. Roughly 45% of residents are homeowners who spend more than $3000 annually on property taxes.
Some of the best real estate opportunities exist in the rental market and the luxury rental market in Chicago. Not only does this give buyers a chance to build a different kind of income, but homes are appreciating, albeit at a slower rate than some similar markets. The remodel or flip market is also surging with a lot of inventory of homes to rehab and sell at a premium price-point.
According to niche.com, there are a few notable neighborhoods within Chicago that residents should consider in their home searches. They are popular communities for buyers and renters alike.
Greektown – A neighboring west-side community filled with dining and shopping, Homes in this area start at $275,000 and rise into the $600,000+ price-point.
Gold Coast – Median home prices come in around $340,000 and it is located just north of the main downtown Chicago area. This particular area has seen a 33% decrease in home prices in comparison to the same period last year.
Printers Row – A minimal area in the heart of downtown just west of Grant Park. Median prices are about $245,000. There has been a 5% increase in home sales since this time last year.
The Loop – One of the hottest areas to live in Chicago is “the loop” which is the near South Side of Chicago which has a lot of development taking place. Home prices average around $331,000. There has been a 17% increase in home prices from the same time last year.
Streeterville – A popular downtown area including Navy Pier, median home prices are about $291,000. The market prices have dropped more than 20% in this particular area.
There you have it, some of our most recommended and hottest areas to live in Chicago.
Read More: What to Expect When Buying an Older Home