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2024 Neighborhood Housing Market
Keep update on the current state of Chicago housing market
Why Knowing The Value Of Your Home Is Important-And Why A Zillow Zestimate Is Not An Accurate Tool.
Keep update on the current state of Chicago housing market
📊 Chicago Real Estate Market Report – Summer 2025
Here’s the latest comprehensive update on the Chicago real estate market, including local and suburban trends, new developments, school rankings, price appreciation, infrastructure updates, and forecasts through 2025–2029.
| Region | Median Price | 1‑Year Change | $/Sq Ft |
|---|---|---|---|
| Greater Chicago | $220,000 | +1.1 % | $146 |
| City of Chicago | $315,000 | +1.6 % | — |
City homes average about $315K, up ~1.6% year-over-year (stephanieturnerchicago.com, price-index.housingstudies.org, zillow.com).
Metro market shows steady, modest growth (about 1–2%) .
Sales activity is strong—low inventory, quick contracts. Million-dollar+ home contracts jumped 7% YoY, while supply dropped 26% (blog.atproperties.com).
Overall, it's a supply-constrained, seller-favorable market in both city and suburbs (youtube.com).
Fastest‑appreciating neighborhoods & suburbs in 2025:
City Areas:
West Loop, Avondale, Bronzeville, Edgewater all seeing solid growth (stephanieturnerchicago.com).
Bronzeville also attracting new townhouse development, boosting values .
Suburbs:
Elmhurst emerges as a top suburb—median ~$500K, with rapid growth, walkability, parks, schools, Metra access (nypost.com).
Glenview, Northbrook, Burr Ridge also pushing up median prices (axios.com).
Also trending:
Evanston, La Grange, Niles, Palatine, New Lenox, Tinley Park, Homewood-Flossmoor (youtube.com).
City Public (Selective/IB):
Jones College Prep: U.S. News top-4 in Illinois; 10/10 GreatSchools rating (en.wikipedia.org).
Amundsen High: IB program, 8/10 GreatSchools (en.wikipedia.org).
Kenwood Academy: IB, university link, 7/10 GreatSchools; girls’ basketball state champs .
Suburban Public:
Stevenson (Lincolnshire): 5× Blue Ribbon, top IL open-enrollment, national top‑200 (en.wikipedia.org).
Homewood–Flossmoor: IB, 25 AP courses, blue‑ribbon school, top rankings .
Suburban Highlights:
Elmhurst schools showcase ~96% graduation (nypost.com);
Carl Sandburg HS in Orland Park rates well (benlalez.com).
Major Chicago Urban Projects:
The 78 (South Loop): 62 acres, residential & offices, CTA Redline stop, new White Sox stadium possibility (pearsonrealtygroup.com).
The 1901 (near United Center): mixed-use units, parks, hotels (axios.com).
Halsted Pointe (Goose Island): 2,650 residences, retail spaces; phased through 2037 (pearsonrealtygroup.com).
Lincoln Yards (North Branch): 53-acre mixed-use, facing delays; more park space in revised plans (en.wikipedia.org).
Cabrini-Green revival, Congress Theater renovation, Obama Center completion (axios.com).
Infrastructure:
Red Line Extension (South Side): Federal $1.9B approved; 4‑station expansion to Roseland begins late 2025 (apnews.com).
Quantum Hub in South Side planned, though federal funding is vital (axios.com).
2025 Expectations:
Nationally, home sales could rise 9–13% (chicagorealtor.com).
In Chicago, continued modest price appreciation (+2–5%), driven by low inventory, job growth, and slightly reduced mortgage rates (chicagorealtor.com).
2025–2029 Longer View:
Infrastructure (Red Line ext) and transit-linked developments (The 78, Lincoln Yards) will support sustained uplift in connected areas.
Bronzeville, South Loop, South Side, and suburbs tied to Metra/CTA should see above-average returns.
Continued suburban migration due to affordability, family priorities, and school quality—particularly in Elmhurst, Evanston, Niles, Homewood-Flossmoor.
Bronzeville / South Side – Renewed housing and transit.
South Loop (“The 78”) – Large mixed-use project with transit hub.
Elmhurst & North Shore suburbs – Affordability meets quality schools.
West Loop / Avondale / Edgewater – City options with rising demand.
Goose Island – Waterfront mixed-use growth.
Lincoln Yards & Cabrini-Green – North side revitalization.
Inventory remains tight, fueling steady price growth.
New infrastructure investment will unlock value in underserved communities.
Schools & walkability continue to guide buyer demand.
Metra suburb appeal remains strong for families priced out of city core.
Track Bronzeville/South Loop projects near transit—their appreciation may lead the market.
Suburban buys (Elmhurst, Homewood-Flossmoor) offer stable value tied to school excellence and lifestyle amenities.
Monitor Lincoln Yards/Halsted Pointe progress—milestone completions often mark value inflection.
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A Comparative Market Analysis (CMA) is a tool used by real estate agents to value a home. It evaluates similar homes that have recently sold in the same area. Agents find comparable sales and use them to conduct a sales comparison. In most cases, an agent will find three homes that have recently sold and are as similar to and located as close to the home being valued as possible. Each one is then analyzed to pinpoint differences between it and the home being valued. Once these differences are priced out, the price of each comp is adjusted to see what it would cost if it was identical to the home being valued were it to be sold in the current market.
An appraisal is an unbiased valuation of a home based on a professional’s opinion. They are usually what mortgage companies use for home purchases and refinances. A lender usually orders a home appraisal and the cost of the appraisal, sometimes up to $500, is paid by the homeowner. An appraiser does a complete visual inspection of the interior and exterior of the home as well as taking into consideration recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the home, including an exterior building sketch, a street map showing the home and any comparable sales, photos of the home and street, an explanation of how the square footage was calculated, and any other relevant information.
Lenders base the amount of their loans on the value of your property and usually allow you to borrow a maximum of 75% to 96.5% against your property. Knowing what your home is worth allows lenders to calculate your equity in the home. The more equity you have, the better terms you will receive on your refinance.
If you’re doing home improvement projects to increase the resale value, you want to make sure you’re not pricing it out of the market. If your home is already priced on the high-end for your neighborhood, making too many improvements could make it more difficult to sell. When you get a valuation, you can see how your home compares with others in the neighborhood and let this guide your home improvement decisions.
If you want to borrow cash against your home, getting a Home Equity Line of Credit (HELOC) could be a good option. To qualify, you must have a certain level of equity in your home. Most lenders require at least 20%. Getting a home valuation will help you determine if you qualify and will be used by the lender to make a decision on your loan.
Though it’s not a necessity, simply knowing the value of your home is good information to have. It will help you plan for the future and deal with unforeseen circumstances when you might be in a position that requires extra money or a quick relocation. Knowing how much equity you have in your home and how much you may be able to borrow against it or sell it for will help you respond to any financial curveballs that life throws at you.