How Much Does a New Home Cost in Chicago? 
It goes without saying that the cost of your new home in Chicago depends heavily on the location of the home as well as its size. Today, we’ve compiled information from Zillow, the Illinois REALTORS® via Norada Real Estate Investments, and MRED (Midwest Real Estate Data LLC) via Center Coast Realty to help you get a sense of the current housing market in Chicago and its surrounding areas.
New Construction Home Costs in Chicago
According to Zillow, new construction home costs in Chicago for a 3+ bedroom, 2+ bathroom house range between $4,900,000 (3 bedrooms, 4 bathrooms, 3,622 square feet) and $355,500 (4 bedrooms, 4 bathrooms, 2,413 square feet). Please note that the numbers listed here represent only new construction home costs and do not include foreclosure, pre-foreclosure, or contingent home sale costs.
Zillow also places the typical value for homes in Chicago at $279,986. At the time this blog was written, this number was up 5.6% year to date and was projected to rise 8.1% within the next year. These numbers are based on middle price tier homes. Furthermore, Zillow shows that home prices in Chicago have been steadily on the rise since September 2012, not including a small dip in housing costs in December 2019.
2019 Costs vs 2020 Costs
Norada Real Estate Investments accords with Zillow’s data, reflecting that the value of Chicago homes is steadily on the rise. A report comparing September 2020 numbers with September 2019 numbers shows that 2020 saw a 35.2% increase in single-family and condo homes sold in Illinois and a 17.5% increase in the median price of Illinois’ single-family and condo homes. This same report shows a 38.7% increase in single-family and condo homes sold in the Chicago Metro Area as well as a 14.6% median price increase for these homes. Other numbers from this website indicate that, as of July 2020, the number of days houses were on the market before selling also decreased.
2020 Costs by Neighborhood
Center Coast Realty also provides numbers for the median sales prices of homes in Chicago by neighborhood. While not every neighborhood is listed, the costs by area shown below provide helpful information on how pricing varies based on location:
In November 2020, the median sales price of condos and townhomes in Gold Coast was $375,000, up 1.4% from November 2019. In this same date range and location, the median sales price for houses was $1,962,500, down 2.2% from the previous year.
In Humboldt Park, the median sales price for condos and townhomes in November 2020 was $399,900, down 0.5% from November 2019. The cost of Humboldt Park houses was $270,000, down 28% from the previous year.
In Lakeview, the median sales price for condos and townhomes in November 2020 was $409,900, up 16.9% from the previous year. The cost of Lakeview houses was $1,330,000, up 5.6% from the previous year.
Lincoln Park condos and townhomes went for about $522,000 in November 2020, up 3.9% from November 2019. The cost of houses in Lincoln Park was $1,550,000, down 1.9% from 2019.
In Lincoln Square, the median sales price for condos and townhomes in November 2020 was $328,750, up 4.4% from November 2019. The cost of houses in the same area at the same time were $772,500, up 8.5% from the previous year.
North Center condos and townhomes were sold for a median price of $444,250 in November 2020, up 0.4% from November 2019. The cost of houses in North Center was $1,095,000, down 1.4% from November 2019.
In River North, the median sales price for condos and townhomes in November 2020 was $430,600, up 2.5% from the previous November.
In November 2020, the cost of South Loop condos and townhomes was $380,000, up 1.9% from November 2019. The cost of South Loop houses was $1,128,500, down 1.9% from the previous year.
Uptown condos and townhomes went for about $295,000 in November 2020, up 7.3% from the previous year.
In West Loop, the median sales price of condos and townhomes in November 2020 was $420,000, down 1.2% from the previous year.
Wicker Park and Bucktown
The median sales price of condos and townhomes in wicker park and Bucktown was $494,500 in November 2020, up 4.1% from November 2019. The houses in this same area sold for about $1,165,000, up 7.1% from the previous year.
2021 Market Estimates
As you can see, home cost in Chicago (or any area) can vary and it's wise to enlist the help of local building experts when planning your next move. Contact Patrick A. Finn to get precise details and advice for pricing a new home in NE Illinois.
This article uses data from the most recent Remodeling Cost vs. Value report which pulls averages from 2020. Due to unprecedented market volatility and supply chain irregularities last year, residential construction prices in Chicago have increased up to 25% for some projects. Have a discussion with an experienced builder to know the most accurate and up-to-date building cost estimates. Now it's more important than ever to hire a professional contractor with longstanding supply and labor relationships.