Chicago, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Chicago, IL Housing Market Trends

With a population of 2,693,976, 1,066,829 total housing units (homes and apartments), and a median house value of $275,766, Chicago real estate is some of the most expensive in Illinois, although Chicago home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in Chicago, accounting for 41.04% of the city's housing units. Other types of housing that are prevalent in Chicago include duplexes, homes converted to apartments or other small apartment buildings ( 29.30%), single-family detached homes ( 25.91%), and a few row houses and other attached homes ( 3.51%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

People in Chicago primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Chicago has a mixture of owner-occupied and renter-occupied housing.

The housing in Chicago was primarily built before 1939 ( 41.79%), making the housing stock in Chicago some of the oldest overall in America, although there is a range of ages of homes in Chicago. The next most important housing age is between 1940-1969 ( 30.96%), followed by between 1970-1999 ( 16.63%). There's also some housing in Chicago built between 2000 and later ( 10.62%).

Vacant housing appears to be an issue in Chicago. Fully 12.16% of the housing stock is classified as vacant. Left unchecked, vacant Chicago homes and apartments can be a drag on the real estate market, holding Chicago real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Chicago Home Appreciation Rates

Appreciation rates for homes in Chicago have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 36.88%, which ranks in the top 50% nationwide. This equates to an annual average Chicago house appreciation rate of 3.19%.

Over the last year, Chicago appreciation rates have trailed the rest of the nation. In the last twelve months, Chicago's appreciation rate has been 3.85%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Chicago were at 0.99%, which equates to an annual appreciation rate of 4.03%.

Notably, Chicago's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Chicago's latest annual appreciation rate is higher than 50% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Chicago differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chicago - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Chicago real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$275,766

Chicago, IL HOME PRICES

> $1,145,000
3.1%
3.1%
$859,001 - $1,145,000
3.0%
3.0%
$572,001 - $859,000
7.5%
7.5%
$458,001 - $572,000
7.6%
7.6%
$343,001 - $458,000
14.0%
14.0%
$229,001 - $343,000
23.5%
23.5%
$114,001 - $229,000
29.2%
29.2%
$57,001 - $114,000
8.8%
8.8%
$0 - $57,000
3.4%
3.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
1,066,829

Chicago Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
67.45% 2.46%
10
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,409 / per month

Homeownership Rate

Owners
44.0%
44.0%
Renters
56.0%
56.0%
Vacant
12.2%
12.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.6%
10.6%
1970 - 1999
16.6%
16.6%
1940 - 1969
31.0%
31.0%
1939 or Older
41.8%
41.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
25.9%
25.9%
Townhomes
3.5%
3.5%
Small Apt. Buildings
29.3%
29.3%
Apt. Complexes
41.0%
41.0%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.7%
6.7%
1 Bedroom
19.8%
19.8%
2 Bedrooms
34.6%
34.6%
3 Bedrooms
26.8%
26.8%
4 Bedrooms
8.6%
8.6%
5 or more bedrooms
3.5%
3.5%
0.0% 100.0%
% OF HOMES