In a notable shift for the Windy City, home values in Chicago have surged in 2024, presenting good news for current homeowners while posing challenges for prospective buyers.
The citywide average property value increased by over $6,500 compared to the previous year, reaching approximately $294,000.
This average still remains significantly below the national figure, which is about $60,000 higher, according to the Zillow Home Value Index (ZHVI).
Despite the rise, Chicago continues to be regarded as a more affordable option compared to other major cities across the United States, especially in terms of real estate.
Notably, certain neighborhoods within Chicago exhibit values that far surpass the average, with home prices in some of the most sought-after ZIP codes soaring between 10% to 45% above national averages.
For those interested in understanding the most desirable and expensive areas in Chicago, here are the ten hottest ZIP codes for homebuyers in 2024:
Starting with number ten is 60625, which encompasses parts of Lincoln Square, North Park, and Albany Park.
The neighborhood is gaining traction among buyers, boasting a thriving arts scene and a wealth of independently-owned shops and restaurants.
Home values in this ZIP code have risen over $13,500 year-over-year, resulting in an average home value of approximately $370,000.
Next up is 60607, representing the burgeoning West Loop area.
This once-industrial section has transformed into a vibrant hub for business and dining, drawing a youthful and affluent population, with an average home value of just over $390,000 in 2024.
The area did report a slight decrease in value from the previous year, however, indicating a more stable market amidst rapid growth.
In 60631, which covers Edison Park and a portion of Norwood Park, home values skyrocketed nearly 6% over the past year.
This ZIP code, often compared to suburban life due to its vast residential areas and a dominance of single-family homes, saw its average home value rise to $403,000.
The region is notably convenient for families, with easy access to O’Hare International Airport.
The Lakeview neighborhood inhabiting ZIP code 60657 ranks seventh, boasting an average home value of roughly $435,000—a 4.5% increase from the previous year.
With a pedestrian-friendly environment and a youthful demographic, this area is particularly attractive to young professionals and first-time homebuyers.
Moving on to 60646, another Far Northwest Side ZIP code, the average home value here is about $490,000, reflecting a significant rise driven in part by a strong preference for single-family homes.
As families dominate the demographic, the higher home ownership rate results in a community that is characterized by stability.
At the fifth position is 60618, which encompasses the neighborhoods of Avondale, Irving Park, and North Center, featuring an average home value of $495,000.
The scenic North Branch of the Chicago River runs through this area, enhancing its appeal, alongside high-quality schools and accessible public transportation options.
The fourth priciest ZIP code, 60647, straddles both the North and Northwest sides, with Logan Square leading the charge.
Known for its rich cultural history and diverse population, home values in this area average around $500,000, cementing the neighborhood’s status as a real estate hotspot.
In third place is the compact 60642 area, sitting between West Town and Near North Side.
With robust transportation links and a lively commercial landscape, this area has attracted young, affluent buyers, with the average home value sitting at over $508,000.
At number two, 60614 encompasses Lincoln Park, an iconic neighborhood famed for its parks, businesses, and award-winning dining spots.
Here, the average home value exceeds $550,000, a reflection of the area’s desirability among families and individuals seeking both charm and amenities.
Finally, the most expensive ZIP code in Chicago, 60622, wraps around Wicker Park, Ukrainian Village, and Humboldt Park, known for its artistic vibe and cultural diversity.
The home value average in this vibrant area stands at approximately $570,000, further solidifying its reputation as a favorite for homebuyers in 2024.
Overall, the significant increase in Chicago’s property values signals a competitive market for potential homebuyers and reflects the city’s continued attractiveness in the real estate arena.
As price trends continue to climb, prospective buyers may need to act quickly to secure their future homes.
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