Chicago’s latest homebuying hot spots are the North and West suburbs.
Why it matters: Prices are rising in areas further from the city as low inventory pushes shoppers to expand their searches, according to Schaumburg-based broker Linda Dressler.
What they’re saying: Schaumburg, along with Glen Ellyn, Hinsdale and Park Ridge, are particularly sought-after because they’re near trains that go downtown and highly rated schools, among other draws, Dressler tells Axios.
State of play: “People who thought they bought high last year at this time are now looking around saying, ‘Wow, prices this year are even higher,'” Dressler says.
- The median home sale price in Chicagoland was about $317,000 in February, up 9.5% from a year earlier, according to Redfin.
We scoured listings to find what roughly that amount gets shoppers in some of Chicago’s most-wanted neighborhoods, according to broker associate Melissa Stanley.
- Reality check: It was challenging to find move-in ready listings under $300,000 in the North and West ‘burbs.
Four bedrooms in Hyde Park
Listed for $285,000, a South Side condo comes with all the modern bells and whistles, except in-unit laundry.
- The sellers already accepted an offer but are still allowing tours, per the listing.
The fine print: Homeowners association fees cost $475 monthly.
Between the lines: The nearby Obama Presidential Center, which is slated to be finished this year, is drawing more people to the surrounding neighborhoods, Stanley says.
- Yes, but: Some residents say the development is pricing them out.
Dedicated parking in Logan Square
For $279,999, a two-bedroom condo is walkable to hot neighborhood restaurants, The 606 trail and Palmer Square.
- Also, it includes one of five parking spots in the association. (HOA fees run $333 monthly.)
Zoom out: A third of Logan Square homes sold for above the asking price in March, according to Redfin.
- The area has been on the upswing for a while, more recently because of its explosive food and drink scene, Stanley tells Axios.
- Tree-lined streets, brick and stone buildings and the farmers market are also perks.
Duplex down in Logan Square
Listed for $299,900, another two-bedroom condo in the area offers two levels, with a bedroom and bathroom on each.
- HOA fees cost $369 monthly.
Reality check: While the sellers have accepted an offer, they’re continuing to show the home, per the listing.
