Chicago’s Real Estate Market Experiences Year-Long Zigzag in House Prices, 2022-2023

A quick analysis of real estate trends in Chicago and its neighboring areas from November 2022 to December 2023.

authorWritten by Manuel MartinezFeb 14, 2024

Chicago Real Estate Trends: A 12-Month Snapshot (November 2022 – December 2023)

The real estate market in Chicago, Illinois, fluctuated in the last 12 months. In November 2022, the average value of properties started at $286,466, reached its lowest, $275,889 the following month, before experiencing a zigzag-like pattern and ultimately touching its peak, $324,948, in June 2023. The subsequent months saw a gradual dive in this value, plummeting down to $279,000 by the year-end.

Chicago House Prices 2023
Chicago House Prices 2023

November 2022 saw the highest recorded figure at $300,299. The subsequent fluctuation, however, was on a general downward trend, ultimately clocking $277,608 as the year closed.

The average sold price per square foot value also showcased an intriguing pattern, starting at $248 in November 2022 then growing upward and finally reaching the highest value of $253 in September 2023. The year, however, ended with a slight decrease, recording $232 as the value in December 2023.

Chicago House Prices Per Sq Ft 2023
Chicago House Prices Per Sq Ft 2023

Real Estate Trends in Nearby Areas: A Comparative Analysis

House prices in Cicero’ swung from a low of $149,900 in April 2023 to a high of $254,500 in September 2023, offering some of the most affordable options in the region during spring before shifting to higher values later in the year.

The town of Berwyn saw avg homes values scale from $249,900 in November 2022 to end the year at a reassuring $274,800. Property values in Hometown, much like Chicago’s, didn’t demonstrate a straightforward trend — it fluctuated throughout the year, with a primary peak observed at $203,900 in May 2023.

Hometown Chicago House Prices

More on nearby house prices:

  • In Evergreen Park, home prices increased from $250,000 in February 2023 to $275,000 in December
  • Burbank showed a largely increasing trajectory house values beginning at $239,900 in March 2023 and hitting $287,450 by September

Peeling Back The Layers: A Summary of General Observations

Notably, the average property values and values of sold homes last year in the city remain markedly higher compared to the neighboring cities. This is not surprising given the city’s urban nature and the consistently high demand for real estate within its boundaries.

There’s noticeable seasonality within the data, as some months show relatively higher average values and sold prices than others. The cause behind this seasonality could be attributed to a combination of various market factors ranging from economic conditions, demand and supply dynamics, to seasonal buying patterns.

In conclusion, the Chicago real estate market, along with its surrounding areas, operates within a complex and dynamic framework. The lack of a clear, continuous upward or downward trend further emphasizes the need for accurate, timely data that can help potential buyers and sellers make informed decisions.

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