Chicago, IL 5 Bedroom Homes for Sale | realtor.com® (2024)

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Chicago, IL housing market

In July 2024, the median listing home price in Chicago, IL was $375K, trending up 2.8% year-over-year. The median listing home price per square foot was $277. The median home sold price was $372.5K.

Chicago housing affordability is among the lowest in the Midwest, driven primarily by restrictive land-use policies and slow approvals. Low-income families have it worse than in other large Midwestern cities. Chicago households struggle to pay for housing, with low-income families facing an especially tough time.

The recommended salary in Chicago is $4,256.66 per month or $51,080 annually. This total reflects a salary that would allow a renter to live comfortably and afford to cover the median rent for a one-bedroom apartment which sits at $1,277.

Median Sale Price in Chicago

According to Redfin, the median sale price for a home in Chicago fell by 6.2% year over year to $350,000 in April 2023. That's below the national average. However, even though the drop was significant, the median sale price reported in April of this year is the highest since July 2022.

Often considered one of the most affordable neighborhoods in Chicago, West Garfield Park offers a mix of old and new, with a variety of housing options at lower prices.

Fulton River District is the most expensive neighborhood in Chicago, as the average rent for a one-bedroom unit is $3,524. There are plenty of reasons why this neighborhood draws residents. Fulton River District is one of Chicago's most walkable neighborhoods, as you access restaurants and shops.

In conclusion, Chicago offers a wealth of opportunities for real estate investors. With its strong economy, diverse housing market, and expert property management services, Chicago is a wise choice for investors looking to grow their portfolios.

Chicago, IL housing is 39% more expensive than the U.S average, while utilities are about 9% less pricey. When it comes to basic necessities such as food and clothing, groceries are around 7% more in Chicago, IL than in the rest of the country, while clothing costs around 7% more .

You will have to spend $260,000 to build a 2,000-square-foot home in Chicago. These costs will vary depending on the exact location, property types, labor costs, material costs, etc.