Chicago’s downtown luxury home prices have changed significantly not only in recent years—but in the last twelve months.
A recent report from PropertyShark claims that “Chicago’s urban core was already close to half a million dollars more expensive than the city,” and that “…ten years later, it’s $675,000 more expensive.”
The report further shows that homebuyers pay more to live in downtown Chicago than any other U.S. city.
It’s also indicated that Chicago has the largest difference between the downtown’s median sale price and the rest of the city.
In 2008 when the economic recession hit, Chicago’s urban core was close to half a million dollars more expensive than the rest of the city.
Reports now indicate that this is due to prolonged recovery time for the city’s market, while downtown prices expanded at a rapid rate throughout the fall and recovery periods.
For a few of the top neighborhoods in downtown Chicago, we examined market insights in River North, Gold Coast, and The Loop.
River North is supposedly one of Chicago’s fastest-growing neighborhoods and ideal for keeping a social and professional life nearby.
Currently, there are 283 homes for sale, ranging from $25k to $4.9M. Also, the median listing home price for River North is $495k, while the median sold home price is $450k, as reported by Realtor.com.
In Gold Coast, another one of Chicago’s most popular luxury neighborhoods, the median home price for this area is $699k, as indicated by Realtor.com.
Currently, there are 395 homes for sale ranging from $20k to $11.5M, 26 of which were listed within the last week. Right now, the Gold Coast is a “buyer’s market”.
Meanwhile, over in Loop, homebuyers can be expected to afford properties in the range of $419k.
Currently, there are 812 homes for sale, ranging anywhere from $200k to $18.5M. Of the total number of active homes, 31 were listed within the last week. This neighborhood also happens to be a buyer’s market, in which there are roughly more active homes on the market than buyers.
For homebuyers searching in Chicago, neighborhoods where the cost of living isn’t as high includes Uptown and Pilsen—where the median list prices are $315k and $417k, respectively.