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The monthly real estate statistics for Chicagoland are in and they can help guide your home search!
Rent in Chicago May Cost the Same as a Mortgage
According to Rent Cafe, the average monthly rent in Chicago as of July 2024 is $2,349. Because Chicago is a big city made up of 77 unique neighborhoods, the average rent varies by neighborhood. For example, the average rent in Kenwood as of July 2024 is $1,863. It’s possible to work with a mortgage expert to find mortgage payments close to, if not less than, these rental prices.
Condo vs Detached Home – Housing Type Determines Which Neighborhood is Affordable
If you’re considering renting versus buying in Chicago, there are options if you want a traditional detached single family home or something more similar to an apartment that has community spaces and a property manager that takes care of snow and trash, like a condo, or something in between, like a townhouse.
For example, here’s a snapshot of recent sales data for properties in Chicago and two Southside communities that I personally love: Kenwood (which is a great option for someone looking for a condo and is close to the Lakefront, Hyde Park, and downtown) and Beverly (a quiet, tree-lined community on the Southern border of Chicago with stately historic homes and quaint shops):
Detached Single Family Homes – August 2024
| Chicago | Kenwood | Beverly | |
| Inventory of homes for sale | 2,104 | 12 | 37 |
| Median sales price | $340,000 | $1,550,000 | $382,500 |
| Average # of days from list to accepted offer | 59 days | 10 days | 30 days |
| % of original list price received | 98.2% | 99.1% | 100.1% |
The market looks very different for attached units in a particular neighborhood, which may include condos or townhouses:
Attached Single Family Homes – August 2024
| Kenwood | Beverly | |
| Inventory of homes for sale | 62 | 4 |
| Median sales price | $265,250 | $110,000 |
| Average # of days from list to accepted offer | 74 days | 8 days |
| % of original list price received | 94.9% | 100% |
So, if you are searching for a home in Chicago, the neighborhood and type of property that you are searching for make a huge difference in identifying units that meet your search criteria. Other important considerations that can impact price and number of options include number of bathrooms and bedrooms, outdoor area, proximity to freeways or transit, recent remodels, etc.
If you’re paying rent in Chicago, owning a home is more achievable than you think. Call or text me at (708) 529-5623 to get started today, and let’s find your perfect place. I can refer you to a mortgage expert who will help you determine your home buying budget.
*Data Obtained from a Research Tool Maintained by the Chicago Association of REALTORSⓇ
