Chicago is often called a “City of Neighborhoods.” That is a testament to the uniqueness, diversity, and contrasts found in communities throughout the city. From Rogers Park to South Shore, each neighborhood in Chicago offers its own positives and, sometimes, negatives. All of the factors that make a neighborhood one-of-a-kind also play a significant role in the cost of homes and condominiums found there.
Home prices vary widely from Chicago neighborhood to Chicago neighborhood, as do the number and types of homes listed and sold, the difference between the listing price and sale price, and time on the market. For Fall 2020, here is the skinny on the most expensive and least expensive neighborhoods near downtown:
Most Expensive Downtown Chicago Neighborhoods
Here are the most expensive Chicago neighborhoods near downtown based on median sales price in September 2020:
- Lincoln Park – $605,000
- West Town/Wicker Park – $496,000
- Logan Square/Bucktown – $492,000
- Lakeview – $449,000
- West Loop and Avondale/North Center (Tie) – $430,000
Least Expensive Downtown Chicago Neighborhoods
Here are the least expensive Chicago neighborhoods near downtown based on median sales price in August 2020:
- The Loop – $330,000
- Gold Coast/Streeterville – $355,000*
- South Loop – $370,000
- River North – $420,000
- Old Town – $428,250
Trends In Neighborhood Home Prices
The median home price in Chicago reached $323,000 in September, up 10.6% from a year ago but down from $335,000 in August. The rolling 12-month average, which takes a broader snapshot of the market, was up 6.9% to $310,000.
Homes sold downtown held a median sale price of $450,000*, an increase of 6.9% since last year.
In September 2020, home prices in the following neighborhoods near downtown increased year-over-year:
- The Loop (+5.8%)
- West Loop (+19.4%)
- South Loop (+17.9%)
- River North (+1.4%)
- Old Town (+2%)
- Lincoln Park (+4.3%)
- Logan Square/Bucktown (+17.1%)
- Avondale/North Center (+4.9%)
Home prices fell year-over-year in the following neighborhoods near downtown:
- Gold Coast/Streeterville (-14.5%)
- Lakeview (-7.9%)
- West Town/Wicker Park (-4.2%)
*MLS data was updated since market report was published on our blog.