Chicago, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Chicago, IL Real Estate Data

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 Q3 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Chicago Housing Market Information

With a population of 2,716,450, 1,042,579 total housing units (homes and apartments), and a median house value of $257,619, Chicago real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Chicago, accounting for 40.65% 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 ( 30.06%), single-family detached homes ( 25.65%), and a few row houses and other attached homes ( 3.44%). 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 ( 44.00%), 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 ( 30.78%), followed by between 1970-1999 ( 15.80%). There's also some housing in Chicago built between 2000 and later ( 9.42%).

Vacant housing appears to be an issue in Chicago. Fully 12.69% 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

Chicago's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Chicago during the period has been just -0.26%, which is lower than 80% of US communities.

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 4.04%, 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 1.08%, which equates to an annual appreciation rate of 4.40%.

Relative to Illinois, our data show that Chicago's latest annual appreciation rate is higher than 60% 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:
$257,619

Chicago, IL HOME PRICES

Value Range
> $1,203,000 2.3
$903,001 - $1,203,000 2.1
$602,001 - $903,000 6.0
$481,001 - $602,000 5.9
$361,001 - $481,000 12.6
$241,001 - $361,000 22.4
$120,001 - $241,000 32.9
$60,001 - $120,000 11.5
$0 - $60,000 4.3

Very High for IL
High for Nation

Value Relative to Nation Value Relative to State
25.2029197080292 16.2025316455696

Number Of Homes And Apartments:
1,042,579

Chicago Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
51.53% 2.24%
9
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,294 / per month

Homeownership Rate

Homeownership
Owners 43.17
Renters 56.83
Vacant 12.69

Housing Market Details

 

Age of Homes

AGE OF Chicago HOMES
2000 or Newer 9.4
1970 - 1999 15.8
1940 - 1969 30.8
1939 or Older 44.0

Types of Homes

TYPE OF Chicago HOMES
Single-Family 25.6
Townhomes 3.4
Small Apt. Buildings 30.1
Apt. Complexes 40.7
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Chicago HOMES
No Bedroom 6.51
1 Bedroom 20.23
2 Bedrooms 34.63
3 Bedrooms 27.10
4 Bedrooms 8.15
5 or more bedrooms 3.37