Here’s your guide to settling down in Chi-Town.
The Chicago housing market is an ever-evolving scene across its various neighborhoods. From suburban hideaways to luxury highrises to small studios and more, you can find something to meet your needs in the Windy City. If you know where to look, that is.
Overall market trends
The Chicago housing market has shown varied trends in terms of sales prices, days on the market and overall competitiveness. Some areas have seen prices rise, while others have witnessed a dip. Let’s take a deeper dive and try to find the patterns in the data.
Neighborhood insights
- Downtown Chicago: The market in Downtown Chicago is characterized by properties like a two-bedroom which sold for $326,000, slightly under the list price after 80 days on the market.
- Logan Square: Logan Square demonstrates competitiveness with properties like a three-bedroom, three-bath house selling for $593,000, under the list price, after 57 days.
- North Side: In North Side, a 3-bedroom, 2-bath house at 2035 W Charleston St selling for $850,000, below the list price, after a longer market stay of 176 days.
- West Side: The West Side shows a strong mix, like a 4-bedroom, 3-bath property at 1415 W Walton St, selling for $730,000, near its listing price, after 77 days.
- Old Town: The market in Old Town includes sales like a 3-bedroom, 3-bath unit at 1508 N Sedgwick St, which went for $615,000, slightly under the asking price, after 63 days.
- West Loop: In West Loop, a 3-bedroom, 2-bath unit at 1459 W Grand Ave sold for $685,000, a bit below the list price, after 46 days.
- Lincoln Park: In Lincoln Park, you can find properties like a 3-bedroom, 2.5-bath house at 1915 N Sheffield Ave, selling at its list price of $650,000, quickly within just 24 days.
- Lake View: A sizable 5-bedroom, 5.5-bath house in Lake View at 3830 N Greenview Ave sold for $2,425,000, under the list price, after 69 days on the market.
Market dynamics
The days on the market range broadly from neighborhood to neighborhood, reflecting varying levels of demand and pricing strategies. Sales often occur at or just below list prices, indicating a relatively balanced market.
Chicago is a large city and, as such, is full of options, with price points and market norms varying significantly by area. This diversity caters to differing preferences and budgets, making Chicago an ideal city for real estate investment and homeownership.
Renting in Chicago
The rental market in Chicago has a diverse range of options, with prices and living experiences varying significantly depending on where you end up. Here’s an in-depth look at the current state of the rental market in Chicago.
Rental price trends
Chicago’s rental market has seen varying degrees of price changes across its neighborhoods. Notable increases in rental prices have been observed in neighborhoods like Hyde Park and Douglas, with Hyde Park experiencing a 12.63% rise in average rent for a one-bedroom apartment, now at $1,751, and Douglas seeing a 10.61% increase, bringing the average rent for a one-bedroom to $1,020.
Affordable neighborhoods
On the more affordable end, neighborhoods like South Shore, West Ridge and Austin offer relatively lower rental rates. South Shore’s average rent for a two-bedroom apartment is $1,473, West Ridge at $1,102 for a one-bedroom apartment, and Austin offers one-bedroom apartments at around $967 per month.
Popular neighborhoods
- Logan Square: Known for its strong culture, Logan Square attracts a good amount of young and hip residents. It offers easy access to public transport and a variety of local amenities.
- Near South Side: This area includes South Loop, Printers Row and Chinatown, popular for its proximity to the business district and entertainment attractions.
- West Loop: Once an industrial district, West Loop has transformed into a trendy neighborhood with luxury apartments and a killer restaurant scene.
- Wicker Park: Famous for its unique shops and hipster vibe, this neighborhood is a preferred choice for many young Chicagoans.
Going to and coming from
As the winds of change sweep through the busy streets of Chicago, the city’s migration patterns paint a fascinating story of ebb and flow.
People are coming to Chicago from
- New York, New York
- St. Louis, Missouri
- San Francisco, California
- Washington, D.C.
- Seattle, Washington
People are leaving Chicago for
Luxury living options
For those interested in high-end living, neighborhoods like the Near South Side and West Ridge offer luxury apartments like Aspire Residences or Wells Place Luxury Apartments, featuring modern amenities and convenient locations.
Taxes
Chicago has one of the highest combined state and local sales taxes in the country, amounting to 10.25% If you’re working with a shoestring budget, be sure to take this into account before making any major moves.
Check out Chicago’s affordable suburbs
The Chicago rental market caters to a wide range of preferences and budgets, offering everything from affordable living options to luxury apartments. The choice of neighborhood can significantly impact the rental cost and lifestyle, with each area providing its unique charm and amenities.
If you’re diligent in your search for the perfect place, you’re sure to find the apartment you need in no time at all.
