Chicago Housing Market: Latest Trends

31 Mar 2022

Chicago Housing Market: Latest Trends

Posted by: admin

If you’re considering a move to or around Chicago this year, knowing what the current Chicago housing market trends are is imperative to staying informed as a buyer or a renter. If you’re moving into the area from outside the city or from another state, you might not be familiar with what to expect from the housing market, or how to go about looking for your next Chicago home. 


Professional Movers Chicago

Whether you’re looking to rent or buy, having the right local Chicago moving company on your side is crucial to making your transition a positive one. Whether you’re looking for cross country movers to bring you into the city, or professional movers to bring you to your new home in the area, having the right moving and packing services in Chicago, Chicago Movers is exactly the right local Chicago moving company for your relocation needs, and will do everything in our power to provide you with the best service and most efficient move possible.


Now that we’ve determined who the best professional Chicago movers are, let’s discuss everything you need to know about the current Chicago housing market. 


Housing Market Trends in Chicago

It’s important to go into a housing search as an informed and responsible buyer or renter. Part of that involves doing thorough research on the current market so you know exactly what you’re getting into. 


In comparison to this time last year, Chicago housing prices in 2022 have gone up 1.9%, and the median home price came in at just over $320,000. Additionally, homes usually sold after around 65 days on the market, in comparison to 2021, where homes sold after about 47 days. There have also been more homes on the market in 2022 as compared to 2021, with 2,152 homes up for sale versus 1,899.


Housing prices are expected to continue to increase over the course of 2022, as will median home prices in Illinois as a whole. This creates a seller’s market, where you’ll encounter a lot of competition for homes and multiple offers put in during the course of a sale.


In 2022, out of Chicago’s 78 neighborhoods, median housing prices indicate that Lincoln Park currently comes in as the city’s most expensive neighborhood. The most affordable neighborhood is West Ridge. 


Renting in Chicago: What to Know

When it comes to the renting market in Chicago this year, the city continues to be more expensive to rent in than elsewhere in Illinois, but still has rent prices coming in much lower than other large cities like it in the United States.


Looking at the different rent prices from neighborhood to neighborhood also shows that though all rental prices seem to be rising, some neighborhoods are experiencing more growth than others. 


The neighborhoods of Greektown in the West Loop, River North, Streeterville, Fulton Market, and Old Town come in as the most expensive to rent and buy in within Chicago. The most affordable Chicago neighborhoods are South Chicago, Austin, West Ridge, South Shore, and Buena Park. 


No matter where you relocate to in Chicago in 2022, know what to expect from the current housing market to make sure you’re getting the best deal and renting and buying at the right time. 


Once you’ve found the right place for you, make sure to use the best local Chicago moving company for all of your moving and packing services in Chicago. No matter the size of your move, Chicago Movers has exactly what you need to have the best move possible.


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