Chicago Real Estate Market Overview
Average Monthly Rent:
$1,906
Percentage Change in Home Price/Value:
-0.60%
Median Home Value:
$226,400
Best Time To Sell Home:
June
Affordability Index:
168.1
Days To Sell House:
96.875
Job Market:
Weak
Public School Ranking:
16
Location and Weather
Chicago is a city known for its progressive and stunning building architecture and very cold winter climate. Located on the southeastern shore of Lake Michigan, Chicago is a beautiful city on the water with all the outdoor activities and lake views from the city high rises. Lake Michigan is the second largest of the great lakes and is the 6th largest lake in the world. The greater Chicago area is the country’s third largest metropolitan area and the largest Midwest metropolis.
Chicago is known for its cold winters from December to early March with an average high temperature below 43 degrees. The low temperatures in the winter are in the 20’s. Summer is beautifully temperate with average high temperatures in the mid 70’s with lows in the high 60’s.
Population, Job Market and Cost of Living
Chicago’s population in 2018 was 2,705,994 with an annual growth rate of -0.26%. The job growth has decreased by -0.2% over last year. 10-year future predicted job growth is 25.7%. Chicago ranks second to New York City in the publishing industry. Other industries include manufacturing, printing, and food processing (specifically candy). Its inland port makes it a major transportation and distribution center. The cost of living is high due to the Chicago real estate market and higher cost of housing.
With its picturesque city location on Lake Michigan, sports and cultural activities, global airport, diverse job opportunities and growing population, Chicago will continue to be a major metropolitan area in the Midwest.
