What’s in your wallet? No matter your answer, we’ve got you covered. Here, you’ll find the 22 neighborhoods and suburbs that deliver the best value in six price brackets, from under $250,000 to well into the millions.

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Up to $250,000

Historic row houses on a national monument site, a small-town feel in the burbs, a hip enclave just outside the city

In the City

Bronzeville

During much of the 20th century, this Near South Side neighborhood, which straddles the Douglas and Grand Boulevard community areas, was the epicenter of African American civic and cultural life in Chicago, a heritage honored by the creation in the 1990s of the Black Metropolis–Bronzeville historic district. The district encompasses nine landmark buildings and many graceful prewar row houses and apartment buildings. The neighborhood is also home to the Illinois Institute of Technology, which boasts a striking collection of modernist buildings and lends a youthful dynamism to the area. Bronzeville has witnessed an influx of investment from developers and public agencies, delivering new housing, retail establishments, and infrastructure improvements. Yet homeownership here is still very much in reach for cost-conscious buyers. “Our budget was $200,000 for a two-bedroom condo,” says resident Nathan Anderson, “and we had a lot of options.”

Pullman

Like a number of residents, Ellen Kaulig and her partner got their tantalizing first glimpse of this picturesque Far South Side neighborhood while on the annual Historic Pullman House Tour. The quiet blocks of narrow red-brick row houses—designed by architect Solon S. Beman in the 1880s for workers at the Pullman railcar factory—quickly seduced them. As did, most likely, the prospect of owning one of those landmark buildings for relatively little money: A renovated one can be had for $250,000, an unimproved one for much less. But it’s the sense of cohesion and intimacy in the neighborhood that keeps residents rooted there. “Pullman is a small but vibrant community where you can really make your mark,” Kaulig says. The entire area was designated a national monument in 2015, drawing new investment from the National Park Service.

In the Suburbs

Berwyn

In an ad campaign designed to attract city-dwelling millennials, Berwyn describes itself as “nothing like a suburb.” Buyers will judge for themselves, but this town’s proximity to the Loop—which lies just 10 miles east—and concentration of Chicago-style bungalows certainly bolster the argument, as does the buzzing street life along Roosevelt Road, home to the celebrated music venue FitzGerald’s and the critically acclaimed restaurant Autre Monde. The giveaway that you’re not in the city? The prices of those bungalows, many of which go for less than $250,000.

Woodstock

Walking through downtown Woodstock is like stepping back in time, what with the small shops occupying ornate 19th-century buildings around a quaint town square. Many residents of this far-flung northwest suburb say they’ve happily accepted a longer commute (a 90-minute drive to the Loop) for a lifestyle that feels more like small-town America than suburbia. “We don’t always attract the chain stores you see in other suburbs, which allows small-business owners to thrive,” says Krista Coltrin, the town’s economic development coordinator. Woodstock is a rarity in the Chicago area in another crucial way: In 2017 the median sale price of a home here was a mere $202,000, making it an affordable option for working families seeking to buy their own house in a safe, vibrant community.


Running cool

Chicago ranked eighth among the 10 biggest metro areas last year in the percentage of homes selling above list price—a key indicator of market heat.

SOURCE: Zillow

In the city

Costliest Condos Not only did Lincoln Park have the most expensive ones in the city, but the median sale price was up 8 percent from 2016.

Priciest Houses The Near North Side took that honor, with a median price of nearly $1.9 million. Still, that’s down 13 percent from 2016.

Five-Year Leap Times are certainly changing in East Garfield Park—as the area gentrifies, the price for houses has risen a staggering 454 percent from 2012, the biggest increase in the city.

Tops on the South Side The median price for houses dropped 7 percent from 2016 in Hyde Park, but at $776,500 it was still the area’s highest.

Steepest Drop Despite buzz surrounding the forthcoming Obama Center in nearby Jackson Park, the median price fell 16 percent in Kenwood.

Biggest Bounce South Deering had the largest one-year median price increase, at 139 percent.

Quickest Sales Houses in West Elsdon stayed on the market an average of just 51 days, the fewest in the city. (Archer Heights came in a super-close second, at 52 days.)

In the suburbs

Surging Suburb The median price rose 116 percent in Calumet Park last year, the most in the suburbs.

Highest High At nearly $1.4 million, Kenilworth had the top median sale price in the burbs last year, even though nearby Lake Forest had the priciest individual house, which went for $9 million.

Fastest Sellers Buyers snapped up houses in Justice more quickly—46 days, on average—than anywhere else in the Chicago area.

Volume Leader Naperville lived up to its booming reputation: 1,870 houses sold there in 2017, 212 more than runner-up Aurora.

Cheapest in the Collars Though just $63,000, the median price in North Chicago was on the rise: up 14 percent from 2016 and a whopping 109 percent from 2012.

Collar County Star The median price in southwest suburban Crest Hill jumped 22 percent last year—the most in the metro area, outside Cook County—to $191,000.


What your home is worth

The latest price data for 74 neighborhoods and 239 suburbs

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2017 data for stand-alone housing in Chicago

NeighborhoodMedian house
sales price 2017
Change
since 2012
Change
since 2016
Number
of sales
Average days
on market
Albany Park$388,00012%80%14680
Archer Heights$206,00018%72%5052
Armour SquareN/AN/AN/A2N/A
Ashburn$175,0007%65%52380
Auburn Gresham$85,00015%102%326114
Austin$160,00021%136%38280
Avalon Park$106,00028%130%12989
Avondale$476,0006%108%11464
Belmont Cragin$240,0004%88%33081
Beverly$294,0005%25%252101
Bridgeport$407,0002%58%11371
Brighton Park$160,0003%129%5765
Burnside$51,00013%87%2089
Calumet Heights$138,00020%108%14091
Chatham$125,00013%126%210102
Chicago Lawn$126,00025%150%28792
Clearing$212,0000%57%23596
DouglasN/AN/AN/A15N/A
Dunning$270,0008%60%45376
East Garfield Park$180,00010%454%2983
East Side$105,00024%100%10790
Edgewater$680,000-16%51%7199
Edison Park$385,0007%38%10164
Englewood$24,00057%138%56152
Forest Glen$443,0000%15%22388
Fuller ParkN/AN/AN/AN/AN/A
Gage Park$140,00012%133%9465
Garfield Ridge$224,0009%60%38882
Grand Boulevard$395,00014%80%83119
Greater Grand Crossing$65,00012%154%123101
Hegewisch$133,00010%60%82105
Hermosa$240,00010%123%8163
Humboldt Park$138,0008%175%168104
Hyde Park$777,000-7%51%33102
Irving Park$505,0008%68%32176
Jefferson Park$300,0001%52%20776
Kenwood$485,000-16%-25%32208
Lake View$1,200,000-6%20%167131
Lincoln Park$1,583,0000%27%210165
Lincoln Square$688,000-1%43%132109
Logan Square$694,000-1%64%25072
LoopN/AN/AN/AN/AN/A
Lower West Side$360,00040%171%3165
McKinley Park$240,0008%85%5560
Montclare$250,0009%67%11078
Morgan Park$165,0006%50%19585
Mount Greenwood$235,0009%36%19295
Near North Side$1,870,000-13%-6%29314
Near South Side$1,870,000-13%-6%29314
Near West Side$440,0006%35%2665
New City105,00035%318%7667
North Center$1,084,0006%32%260132
North Lawndale$67,00019%167%4059
North Park$350,000-4%41%7382
Norwood Park$322,0003%40%44267
O'Hare$335,000-1%18%3061
OaklandN/AN/AN/A12N/A
Portage Park$310,00011%76%44467
Pullman$112,000136%179%4082
Riverdale32,00020%60%7189
Rogers Park$422,000-4%16%5794
Roseland$63,00051%119%299113
South Chicago$69,0000%163%110106
South Deering$85,000139%193%6175
South Lawndale$116,00036%190%5773
South Shore$145,00010%144%118122
Uptown$855,000-12%33%41174
Washington Heights$120,00044%191%331124
Washington ParkN/AN/AN/A6N/A
West Elsdon$180,0006%57%10351
West Englewood$25,00019%100%155111
West Garfield ParkN/AN/AN/AN/AN/A
West Lawn$186,00013%66%24283
West Pullman$45,00015%80%201104
West Ridge$370,0005%35%15980
West Town$940,00013%71%22378
Woodlawn$140,00065%250%41161
NOTES: Only places with at least 20 house sales or 20 condo sales in 2017 are listed. In the suburbs tables, towns that straddle two or more counties are listed in the county where they have the greatest population.
SOURCE: Midwest Real Estate Data, an aggregator and distributor providing the multiple listing service to metro Chicago and its collar counties; MRED does not guarantee the accuracy of the data, which may not reflect all real estate activity in the market.
Where to Buy Now

What’s in your wallet? No matter your answer, we’ve got you covered. Here, you’ll find the 22 neighborhoods and suburbs that deliver the best value in six price brackets, from under $250,000 to well into the millions.

May 22, 2018, 8:15 am