Chicago Housing Market Shows Modest Price Growth as New Listings Continue to Fall - Redfin Real Estate News

Chicago Housing Market Shows Modest Price Growth as New Listings Continue to Fall

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Updated on October 6th, 2020

Chicago home prices increased 3.6 percent in June, as compared to last year, with a typical home selling for $285,000. The number of sales was down 6.2 percent, most likely because of a lack of options for potential homebuyers.

ChicagoJuneMTPrices

“In many areas of Chicago, prices have recovered from the bust, but buyers are much more cautious than a decade ago and spending more carefully,” said Redfin real estate agent Sarah Ziehr. “That’s holding down excessive price gains, despite competition on limited selection.”’

ChicagoJuneMTSales

The number of new listings to hit the market  plummeted 14.1 percent year over year in June, the third consecutive month of double-digit drops. The number of total homes for sale was also down significantly, at 12.3 percent, marking the tenth consecutive month of declines.

Twenty-seven percent of homes sold for more than list price in June, and the typical home took  55 days to sell, the shortest time recorded since the summer of 2014.

Hot Neighborhoods

South Side neighborhoods held the top six spots for price appreciation. South Shore, Brighton Park and Washington Park were the top three, each showing price gains well over 50 percent as compared to a year earlier. The next three, Pullman, Kenwood and McKinley Park, each had gains of approximately 35 percent.

North Center was the most expensive neighborhood, with a typical residence selling for $475,000. Lincoln Park was the second-most expensive, with a typical home selling for $471,250. Lincoln Parkers asked the most for their homes, with the median asking price of $550,000.

When looking at price per square foot, the top six priciest neighborhoods are all located in and around the Loop, with River North real estate costing a typical buyer $377.28 per square foot, the most expensive.  

Humboldt Park had the fastest market time, with a typical home selling in 39 days. Redfin agent David Smith says that The 606 is still is a draw, as is the park itself. However, he notes that such a fast market time may be an anomaly, since many of his clients find the lack of transit options challenging — and often end up looking elsewhere, in neighborhoods like Logan Square or the West Town area.

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 $231,000 -11.7% 116 -10.1% 169 -17.2% 167 64 98.1%
Andersonville $385,000 1.1% 79 4.0% 64 -22.9% 73 48 98.2%
Archer Heights $174,900 2.9% 25 4.2% 31 -6.1% 28 56 95.6%
Austin $95,000 12.4% 83 -44.7% 170 -19.4% 110 61 101.3%
Avondale $310,000 -5.8% 93 -14.7% 130 -7.8% 124 52 99.3%
Beverly $263,250 -14.0% 64 4.9% 144 24.1% 111 87 96.5%
Bridgeport $360,000 20.0% 45 -8.2% 86 -14.0% 63 85 96.5%
Brighton Park $211,000 68.8% 29 -23.7% 46 -38.7% 38 49 100.4%
Bucktown $460,250 -1.0% 132 -5.7% 111 -11.9% 158 42 99.0%
Clearing $199,000 22.1% 83 2.5% 103 -1.0% 100 64 96.5%
Edgewater $215,000 0.4% 313 5.7% 251 -36.6% 289 57 97.5%
Edison Park $331,000 -3.3% 56 0.0% 60 5.3% 62 62 95.9%
Englewood $16,800 -18.1% 31 -58.1% 173 -15.2% 66 55 102.2%
Evanston $356,375 3.3% 178 1.7% 392 -28.1% 122 70 97.4%
Garfield Ridge $207,700 8.2% 128 14.3% 136 -17.1% 152 74 97.6%
Gold Coast $450,000 28.6% 167 -7.7% 278 -5.1% 240 76 96.8%
Humboldt Park $283,500 26.0% 130 -24.4% 150 -13.8% 143 39 99.6%
Hyde Park $215,000 -6.5% 85 -2.3% 107 -27.2% 107 74 95.1%
Irving Park $277,000 -14.3% 182 0.0% 213 -13.8% 211 58 97.7%
Jefferson Park $285,000 7.1% 105 19.3% 132 -5.7% 126 52 98.1%
Joliet $164,250 17.5% 411 86.8% 686 -28.0% 293 60 98.1%
Kenwood $236,250 35.0% 52 18.2% 99 -12.4% 87 66 96.0%
Lakeview $381,000 2.4% 819 -4.7% 737 -14.8% 848 55 98.3%
Lakeview / Wrigleyville $381,500 2.5% 822 -4.6% 737 -14.9% 850 55 98.3%
Lincoln Park $471,250 0.3% 334 10.2% 337 -9.7% 414 52 98.1%
Lincoln Square $320,500 -16.8% 116 6.4% 144 9.9% 147 68 97.9%
Logan Square $341,000 0.3% 225 -9.3% 202 0.0% 259 44 100.0%
McKinley Park $242,500 33.2% 16 -36.0% 35 -2.8% 31 87 97.6%
Montclare $194,500 -3.5% 27 -30.8% 42 -34.4% 38 77 96.5%
Mount Greenwood $219,900 10.4% 77 37.5% 89 45.9% 97 60 97.0%
Naperville $381,713 12.3% 510 72.9% 1,299 -9.0% 367 70 97.3%
Near North Side $415,000 1.5% 950 0.4% 1,124 -14.4% 1,192 59 98.4%
North Center $475,000 -7.0% 95 -24.6% 116 -29.7% 110 53 97.4%
Oakland $264,000 -5.4% 17 -45.2% 22 -26.7% 18 83 99.1%
Old Town $394,250 2.0% 112 -6.7% 93 -33.6% 137 49 98.6%
Portage Park $255,000 -1.5% 175 4.8% 205 -18.6% 228 56 98.9%
Pullman $45,250 36.1% 12 -25.0% 23 -28.1% 16 144 100.4%
Ravenswood $366,000 7.2% 145 15.1% 146 -3.3% 172 50 98.7%
River North $425,000 4.2% 327 8.3% 297 -14.7% 355 50 99.8%
Rogers Park $177,000 -1.5% 165 7.1% 241 -0.8% 229 71 97.6%
Roscoe Village $453,250 -10.7% 136 7.9% 144 -4.0% 130 51 99.0%
Sauganash $401,000 2.2% 54 22.7% 68 -12.8% 84 62 97.2%
South Lawndale / Little Village $70,000 -19.5% 13 -62.9% 50 -36.7% 18 78 105.1%
South Loop $354,750 4.3% 402 -1.5% 378 -15.4% 498 56 100.3%
South Shore $62,000 69.9% 73 -21.5% 146 -20.2% 114 99 98.6%
Streeterville $402,000 -12.6% 237 -3.3% 379 -6.7% 335 75 97.0%
The Loop $388,500 9.4% 240 5.7% 360 14.3% 480 58 98.9%
Tri-taylor $175,000 -19.4% 19 -13.6% 20 -37.5% 27 60 97.6%
Ukrainian Village $431,500 -10.5% 55 7.8% 34 -22.7% 54 48 99.1%
Uptown $265,000 3.9% 314 19.4% 275 -23.2% 365 51 97.6%
Washington Park $65,000 57.8% 8 -73.3% 26 -18.8% 17 102 107.6%
West Loop $390,000 -2.1% 329 0.3% 194 -7.6% 368 40 100.6%
West Town $433,750 1.9% 616 -10.2% 504 -6.0% 708 44 99.5%
Wicker Park $445,000 -9.2% 102 -30.6% 118 4.4% 148 41 99.4%
Chicago, IL $285,000 3.6% 3,831 -6.2% 12,037 -12.3% 4,012 55 98.6%

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 June 30. Inventory measures listings active as of June 30.

For more information, contact Redfin journalist services:

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

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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.

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