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Chicago Real Estate News

Top Chicago Neighborhoods for New Residents

Chicago: a city that’s both beautiful and overwhelming. It’s the third largest in the United States, boasting a rich and diverse history since its founding in the early 1800s. Today, Chicago is a sprawling and bustling metropolis that serves as one of the nation’s major commercial and cultural hubs.  

Although Chicago has made headlines in recent years for broader population loss, communities closest to downtown are growing exponentially. According to a new study from the Illinois Department of Employment Security, private-sector employment lunged a stunning 23.9 percent in Downtown Chicago and 16.6 percent for the city as a whole over the past seven years of the recession rebound. Corporations such as McDonald’s, Dyson, Home Chef, First Midwest

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Chicago Home Prices June 2018

The median sales price in the city of Chicago was $312,500 in June, illustrating a 1.8 percent increase from June 2017. For condos specifically, the median price is $325,000, up 1.6 percent since one year ago. Those figures only consider the price of homes and condos sold in June specifically.

From a 12-month average, which paints a slightly broader picture of how the Chicago residential market is moving, the median overall sales price is $288,000 (up 2.9 percent) while the median condo price is $318,500 (up 3.4 percent).

From Illinois Realtors latest monthly market update, for-sale inventory across Chicago is down 6.3 percent to 8,648 homes for sale as of May 2018. Median time on the market is at 33 days, which is 8.3 percent faster than a year

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3Eleven Apartments Chicago

Wall-to-wall carpeting hit its heyday in the 1950s. The plush and popular floor covering went from an out-of-reach luxury to an affordable flooring option for many American households. Now, carpeting can be a major deterrent for buyers and renters across the nation. So, is it worth remodeling your Chicago condo to achieve a more contemporary yet classic appeal? 

From a resale perspective, listings with genuine or faux hardwood floors tend to photograph better and appeal to the masses. Despite our chilly winter weather, wall-to-wall carpet is far from a must-have and often makes homes or apartments appear dated and drab. Plus, fabric flooring holds smells, stains and bacteria more than wood or tile, which raises cleaning concerns – especially for

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Chicago Rent Prices 2018

Chicago is now the 17th most expensive rental market in the nation, falling one spot since our last Chicago rental market report. According to Zumper, the median price for a one-bedroom rental in Chicago is $1,500 per month – the same as last month. For two-bedrooms, the median price is $1,900 per month, up 5 percent since May. Both one bed and two bed unit prices dropped 14.8 and 15.9 percent, respectively, since June 2017. 

Per RentCafé, the mid-range costs for a professionally-managed apartment (as opposed to a privately-owned home or condo) jump significantly. RentCafé data puts the average cost of renting in Chicago at $1,806 per month – up 3 percent since last year.  

Where are Chicago’s most expensive neighborhoods for renters?

Every

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Chicago Home Prices

Chicago’s median sales price reached $287,500 this May, up 2.7 percent since last year. Although the new rolling median shows a slight dip from April, the Chicago real estate market is experiencing a fairly constant upward trend. This spring was the first time Chicago’s home prices rose above $286,000 since January 2009. 

In the Chicago condominium market, the median price is the same as it was last month ($317,500), illustrating an increase of 3.4 percent annually.

Illinois REALTORS most recent monthly update for April shows Chicago’s for-sale inventory down 7.3 percent year-over-year and time on the market at 40 days – 9.1 percent faster than this time last year.

Chicago home and condo prices by neighborhood 

Chicago Homes Prices by Neighborhood

Chicago Condo Prices

Surging prices but

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Old Town Park Chicago

Struggling with square footage? You’re not alone. Rentals tend to get the most heat for confined space, but no city home is going to award as much roominess as a single-family abode on the suburban outskirts. Apartments tend to be built with efficiency in mind while condos are units designed for growth and long-term livability, but finding something expansive near the city center is almost always difficult and costly.

Although the tiny home movement may still be going strong, there’s no shame in creating the illusion of more space. Consider these four key tactics to make your Chicago apartment or condo appear larger than its blueprint shows. 

Remain neutral

When choosing a color palette in a small condominium or apartment, opting for lighter

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Wilmette, IL

Image Source: Bahá'í House of Worship // chuddlesworth via Flickr Creative Commons    

Situated just 16 miles north of downtown Chicago, the quiet and serene suburb of Wilmette has much to offer homebuyers of all walks of life – whether they be retirees looking to downsize or first-time homebuyers seeking top-rated schools and refuge from the urban rush. The Village of Wilmette is not just any suburb, though. With renowned cultural attractions like the Bahá'í House of Worship, local retail shops, picturesque beaches and its own CTA stop, Wilmette uniquely fuses suburban charm with urban convenience. 

As of 2016, Wilmette’s population was at 27,219 residents, according to U.S. Census data. The owner-occupancy housing rate between 2012 and 2016

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Chicago Home Prices: April 2018

Chicago’s residential real estate market is continuing its upward pace and inching closer to prices not seen since before the recession, according to last month's activity tracked by the Midwest Real Estate Data (MRED). This April, the median home price in Chicago reached $288,000 – a 3.7 percent increase from one year prior. That’s a slight boost since our March 2018 Chicago real estate market update, when the median sales price hit $287,000.

To put the numbers into perspective, Chicago home prices reached their historical peak in the summer of 2008 at $299,900 and hit bottom in February 2012 at a median $173,000. 

Looking at condominiums specifically, prices have already exceeded pre-recession levels. Chicago condos hit their peak in late 2008

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Chicago Rent Prices 2018

West Loop's Randolph Street / Z Chicago

When we last checked in on the Chicago rental market in January, the Windy City ranked as the 12th most expensive market in the nation for lessees. Since then, Zumper data shows Chicago renters getting a bit of a break. The city now comes in 16th place out of the top 100 largest markets in the U.S.  

RentCafé, a website that exclusively advertises apartments and gathers accurate prices directly from property management databases, puts the average apartment rent in Chicago at $1,795 per month, down from $1,821 per month just one year ago.   

Nearly a third of all Chicago apartments cost $2,000 or more per month. The most expensive neighborhoods this month are River North ($2,483), River West ($2,450),

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How to Easily Update the Kitchen for Less

Are you tired of the boring and bland kitchen that acts as a major eyesore in your Chicago condo or house? You’re not alone. According to Houzz’s Chicago remodeling costs data, homeowners in the Windy City and suburbs spend an average $24,416 to fully renovate their kitchens. But, that doesn’t mean you need a several thousand dollar budget to incorporate some elegance into the heart of the home. 

Minor changes have a big impact on the overall look, feel and function of your kitchen. Consider the following do-it-yourself (DIY) projects to spark new life into your kitchen this spring.

  1.      Paint the cabinets 

Renters – this tip isn’t for you, unless you have a very forgiving landlord. If you own your own home and want to transform your

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