Home to the first ever skyscraper, built in 1885, the “Windy City” is the birthplace of modern sophistication. Over the years, Chicago has managed to keep the spirit of that sophistication alive without real estate prices rising to unattainable and unaffordable levels. The current average price of a home in Chicago is currently $326,968. In fact, Trulia’s “Should Millennials Rent or Buy” article shows that now is a better time than ever to purchase a home in Chicago, as it is currently 36 percent cheaper to buy than it is to rent. (This data assumes an average rent of $1,700 a month, and mortgage rate of 3.78 over a five year period). Looking to buy a piece of Chicago elegance and still have access to amenities? Check out the luxury neighborhoods of Gold Coast, Lincoln Park, and the Loop.
1. Lincoln Park
Named for the beautifully manicured park located on its eastern side, Lincoln Park is an extremely
popular home buying destination for professionals and their families. The neighborhood’s average listing price of $725,614 buys access to top-of-the line condominiums, townhouses, massive penthouses and a few single family homes. Home to trendy boutiques, theaters, and cafés, and nearby DePaul University,
Lincoln Park is also a popular rental market.
2. Gold Coast/Old Town
These Near North Side neighborhoods are known for their old style charm, tree lined drives and incredible lake views. Homes in this area boast easy, quick, access to Michigan Avenue’s high-end shopping and dining, as well as, the activities on Navy Pier. In Gold Coast and Old Town you will find picturesque and peaceful single family homes, which give way to busy streets with huge high rises full of luxury condominiums. However, the amenities of the near north side come at a hefty price, and the current average listing price for a home in the popular area is $720,072.
3. The Loop
The Loop is the epicenter of Chicago activity. Home to Millennium Park, The Art Institute, The Willis Tower and Michigan Avenue, it is a popular destination for locals and tourists alike. Most luxury real estate opportunities in the Loop are newly constructed condominiums and penthouses in high rises with incredible city and water views. With an average listing price of $495,000, the Loop offers quintessential Chicago sophistication at a slightly lower price tag than its neighboring areas.
Ron Goldstein, MBA
VP of Sales Jameson Sotheby's International Realty
Gold Coast Office
Premier Sotheby's- St. Pete/Sarasota