Apr 27, 2024 - Real Estate

What $300K gets you in Chicago's real estate market

living room of condo with view of brick fireplace and porch

A four-bedroom condo in Hyde Park. Photo: Courtesy of Redfin

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

modern kitchen
Photo: Courtesy of Redfin
dining room
Photo: Courtesy of Redfin

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.

Dedicated parking in Logan Square

living room with view into bedroom
Photo: Courtesy of Stefanie Kwasiborski with Mark Allen Realty
kitchen with stainless appliances
Photo: Courtesy of Stefanie Kwasiborski with Mark Allen Realty

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.

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