Chicago Home Prices Continue Upward Climb Amid Limited Selection and Fierce Competition - Redfin Real Estate News

Chicago Home Prices Continue Upward Climb Amid Limited Selection and Fierce Competition

by
Updated on October 5th, 2020

Chicago home prices rose 4.4 percent in May from a year earlier, with the typical home selling for $281,000. Sales ticked upward 2 percent, the first increase in three months, even as fewer homes hit the market compared to the same time last year.

Chicago home prices

The number of homes for sale was down 13.3 percent compared to last year, the ninth consecutive month of declines and the largest drop in more than two years. The lack of homes is spurring strong competition among buyers.

“Some homes are getting such strong offers right out of the gate that the listing agents are cancelling open houses and aren’t even bothering to ask all interested buyers for their best and final offers,” Redfin real estate agent Jenn Kim said.

A typical home in Chicago was on the market 56 days, the shortest time since July 2014. With competition fierce, buyers are changing their patterns. They’re more patient and open-minded about different housing options than they have been in the past, but once they find a home that meets their must-haves, they’re ready to pounce, Redfin agent Marcus Rolle said.

Chicago May home sales

One out of four homes in Chicago sold over list price in May, with the typical home selling for 98.5 percent of asking price.

Condominiums sold for a median price of $310,000, detached single-family homes for $220,000, townhomes for $463,500 and multi-family (two to four units) for $272,500.

Hot Neighborhoods

A typical home in Lincoln Park sold for $468,000, the highest among all neighborhoods, followed by North Center ($465,250), Bucktown ($460,250), Ukrainian Village ($460,000) and Roscoe Village ($450,000).

Prices in Pullman increased by 87 percent compared to the same time last year, the fastest growth in the city, followed by South Shore and McKinley Park. Mount Greenwood had the fourth-highest appreciation at 38 percent.

The typical Mount Greenwood home sold for $220,750. Fifty-three of the 58 sales were detached homes.

“Mount Greenwood is popular among city employees, who are required to live in the city but often want space for a yard and traditional home for prices well under $500,000,” Redfin agent John Litrenta said. “Plus, many of the homes in the neighborhood get renovated before going back on the market, keeping prices strong.”

The West Loop had the shortest market time, with a typical home selling in 41 days. Wicker Park had the second-shortest market time, at 42 days, though it may be losing its popularity; home sales in Wicker Park were down 34 percent compared to this time last year, the fifth-largest drop among neighborhoods surveyed.

See our city page for the most up-to-date data on Chicago home prices.

Here’s what’s happening in your neighborhood:

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Albany Park $253,750 1.5% 108 6.9% 156 -23.2% 176 64 98.0%
Andersonville $362,450 9.2% 56 0.0% 61 -22.8% 89 48 97.7%
Archer Heights $174,000 4.2% 26 23.8% 24 -31.4% 30 98 94.8%
Austin $86,101 7.6% 101 -25.7% 156 -25.4% 126 65 102.6%
Avondale $299,250 -1.9% 80 -18.4% 117 -12.0% 146 63 99.7%
Beverly $250,000 5.3% 62 29.2% 124 8.8% 98 151 96.7%
Bridgeport $295,500 2.1% 37 -7.5% 75 -24.2% 63 66 98.0%
Brighton Park $185,000 35.8% 35 -12.5% 42 -35.4% 50 57 100.9%
Bucktown $460,250 -0.1% 102 -16.4% 100 -21.9% 164 49 98.9%
Clearing $165,409 4.7% 67 13.6% 98 4.3% 97 65 97.3%
Edgewater $204,000 2.0% 247 12.8% 285 -28.0% 363 63 97.3%
Edison Park $310,000 2.0% 43 -2.3% 59 1.7% 69 64 95.6%
Englewood $20,000 25.0% 37 -51.9% 174 -13.9% 89 61 98.3%
Evanston $324,000 -1.7% 117 -10.0% 446 -19.4% 165 70 96.7%
Garfield Ridge $200,000 8.1% 105 18.0% 132 -14.3% 143 80 97.7%
Gold Coast $390,000 27.9% 137 -2.8% 271 -11.4% 244 90 96.2%
Humboldt Park $260,450 15.8% 122 -9.0% 148 -9.8% 155 44 99.3%
Hyde Park $186,250 -10.0% 50 -13.8% 117 -21.5% 111 68 93.9%
Irving Park $265,000 -8.6% 168 14.3% 204 -17.7% 220 67 97.2%
Jefferson Park $281,250 8.2% 88 14.3% 120 -14.9% 142 53 97.3%
Joliet $162,000 11.7% 284 64.2% 689 -29.6% 327 63 97.1%
Kenwood $186,250 9.6% 40 -4.8% 103 -7.2% 97 73 96.9%
Lakeview $381,000 0.4% 706 3.2% 728 -17.5% 912 60 98.2%
Lakeview / Wrigleyville $382,250 0.6% 710 3.5% 730 -17.5% 916 60 98.2%
Lincoln Park $468,000 1.5% 249 4.6% 333 -5.7% 437 58 97.6%
Lincoln Square $327,000 -11.6% 90 5.9% 149 11.2% 159 73 97.6%
Logan Square $363,500 5.4% 208 0.5% 198 -7.9% 279 50 100.3%
McKinley Park $237,500 39.7% 18 -18.2% 38 -13.6% 33 65 98.8%
Montclare $194,750 1.1% 26 -18.8% 35 -44.4% 28 93 97.8%
Mount Greenwood $220,750 38.0% 58 9.4% 92 64.3% 88 69 97.3%
Naperville $356,500 5.1% 366 59.8% 1,361 -4.2% 441 71 97.3%
Near North Side $402,500 -1.6% 805 7.9% 1,121 -12.5% 1,259 63 98.2%
North Center $465,250 9.4% 80 -23.8% 113 -33.1% 123 57 97.7%
Oakland $245,000 -9.1% 12 -50.0% 25 -24.2% 27 81 95.8%
Old Town $393,000 7.4% 95 1.1% 110 -5.2% 143 52 98.9%
Portage Park $262,500 2.9% 161 15.8% 192 -22.3% 229 71 98.4%
Pullman $62,250 87.2% 12 -33.3% 25 -21.9% 17 79 102.6%
Ravenswood $368,400 8.7% 104 -3.7% 147 -12.5% 190 46 98.2%
River North $425,000 0.9% 298 33.0% 279 -17.5% 384 50 99.7%
Rogers Park $180,500 10.4% 141 19.5% 230 -4.6% 216 79 97.2%
Roscoe Village $450,000 -11.8% 141 36.9% 135 -5.6% 147 64 98.7%
Sauganash $403,000 8.9% 47 74.1% 63 -12.5% 89 66 96.6%
South Lawndale / Little Village $77,500 1.3% 18 -45.5% 58 -12.1% 33 68 104.1%
South Loop $347,800 1.8% 381 30.0% 370 -25.9% 512 62 100.4%
South Shore $60,000 50.0% 81 -6.9% 150 -3.2% 108 88 99.2%
Streeterville $409,500 -11.0% 192 -5.4% 362 -7.2% 350 86 96.4%
The Loop $383,000 2.1% 205 8.5% 365 16.2% 473 65 98.3%
Tri-taylor $185,000 -29.7% 24 41.2% 14 -54.8% 19 81 97.7%
Ukrainian Village $460,000 -4.9% 47 38.2% 44 0.0% 60 57 98.3%
Uptown $260,800 -0.5% 259 16.7% 298 -20.1% 417 54 97.3%
Washington Park $40,000 0.2% 13 -55.2% 24 -35.1% 16 74 95.1%
West Loop $395,000 2.9% 247 -5.4% 221 4.7% 412 41 101.1%
West Town $430,000 3.0% 537 -1.3% 515 -6.9% 760 49 99.3%
Wicker Park $445,000 -6.9% 87 -33.6% 118 -1.7% 159 42 99.2%
Chicago, IL $281,000 4.4% 3,336 2.0% 11,776 -13.4% 4,090 56 98.5%

NOTE: Not all neighborhoods are listed, but totals for Chicago encompass the entire city.  Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over a three-month span that ended May 31. Inventory measures listings active as of May 31.

For more information, contact Redfin journalist services:

Phone: 206-588-6863
Email: press@redfin.com

See Redfin’s data center to find out what’s happening in other cities.

To be added to Redfin’s press release distribution list, subscribe here.

Avatar

Alex Starace

Alex provides journalists with the information they need for their stories. Prior to joining Redfin, he was a freelance writer who wrote extensively on the ins and outs of condo purchasing. He also covered luxury goods, with a minor in book reviews. He lives in Chicago and is lucky enough to be able to walk to work. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

Email Alex

Leave a Comment

Your email address will not be published. Required fields are marked *

Be the first to see the latest real estate news:

  • This field is for validation purposes and should be left unchanged.

By submitting your email you agree to Redfin’s Terms of Use and Privacy Policy

Scroll to Top