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Chicago real estate market overview
- Average Monthly Rent: $2,216
- Home Price/Value Percentage Change: -1.30%
- Median Home Value: $272,270
- Best Time To Sell a Home: June
- Affordability Index: Moderate
- Days To Sell a House: 57
- Job Market: Weak
- Public School Ranking: 23
Location and weather
Chicago is located in the north-eastern region of Illinois and resides on the shores of Lake Michigan. Known as one of the best places to live in Illinois, this city is the third most populated city in the country and one of the top urban areas of the world. With a reputation for some of the best deep-dish pizzas and hotdogs, this city is a great place for young professionals looking for employment opportunities and families looking to settle down. Chicago is also a large hub for sports fans, and those who appreciate architecture and the arts.
The weather here is classified as a humid continental climate. Winters can be frigid, and the city receives an average of 35 inches of rain per year.
Population, job market and cost of living
Chicago has a population of 2,761,625 with a growth rate of 0.18% annually.
The job market has decreased by -9.44% over the last year. In ten years, job growth is predicted to be 25.66%. Chicago is home to 36 different Fortune 500 Companies, as it is a massive hub for hospitality, manufacturing, transportation, health services and information technology. Chicago also has one of the world's highest Gross Domestic Products, amounting to $700 billion. Some of the largest companies here are Boeing, United Airlines, Caterpillar, Conagra Brands, and Deloitte.
Considering the size of this city, it is a more expensive place to live. Although, housing costs are lower than the US average housing cost.
Chicago real estate market details
- Lake View
- Streeterville
- West Loop
- Bucktown
- River North & Marina City
- West Town & Wicker Park
The average monthly rent is $2,215 for an average apartment size of 750 sq. feet.
There has been a -1.3% decrease in median home value over the last year. As of 2023, the median home value is $272,270.
On average, homes in Chicago sell after 57 days on the market.
The best time to sell a home quickly and for the highest value is in June. For the quickest sale, homeowners should sell in June.
The affordability index in Chicago is 107. This number indicates moderate affordability in this city.
The top ranked public schools are Northside College Preparatory High School, Jones College Prep High School, Decatur Classical Elementary School, Edison Elementary Regional Gifted Center, Keller Elementary Gifted Magnet School and University of Chicago. This information is based on the school's combined maths and reading proficiency data in testing.