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Market Snapshot
Chicago Housing Market Conditions
Although the Chicago housing market may be feeling the same crunch that other comparable markets are experiencing and, as a result, its outlook is uncertain, experts say that it should be able to weather any impending storms. That is due, in part, to the Chicago metropolitan area's strong economy. Chicago remains the Midwest's largest economy, the country's third largest, and a vital global economic hub.
By the end of 2023, any pandemic-related job losses will have been erased. Thanks to an influx of residents relocating to the region, coupled with a strong economy and job sector, there is no lack of affordable housing in Chicago. In fact, home prices have remained steady, and the Chicago housing market remains one of the most affordable in the United States. There are affordable new homes for sale in Chicago to fit the needs of almost any homebuyer.
Things to Do in Chicago, IL
Chicago, Illinois, located on Lake Michigan, is one of the largest cities in the country and is known for its incredible architecture and world-famous skyline, which features the iconic John Hancock Center, Willis Tower, and the neo-Gothic Tribune Tower. Chicago is also renowned for its many museums and love of sports, with several professional sports teams calling the city home, including the NFL's Bears, the MLBs White Sox & Cubs, and the NBA's Bulls. Chicago, nicknamed the Windy City or Chi-Town, is known for its great pizza and welcoming, friendly atmosphere. You'll find plenty of retail therapy and upscale dining along the Magnificent Mile. Don't forget to check out the Chicago 360 Observation Tower, where you can take in the breathtaking views of the city and Lake Michigan.
Industries in the Chicago Area
More than 35 Fortune 500 companies are headquartered in Chicago, which is also a major transportation and distribution center. Some major industries supporting Chicago's strong economy and great job market are printing, publishing, manufacturing, transportation, finance, insurance, and food processing.
Chicago new homes for sale can be found in communities all over the city and its surrounding suburbs and, most notably, in Southwest Chicago. To the southwest of the city, along Interstate 55, you'll discover new home developments in Plainfield. There are also many new housing developments in South Elgin.
School Districts in the Chicago Area
Chicago also has quality schools where learning is paramount. From rich learning environments to dedicated educators you will be impressed with the districts available. Some of your great options include Chicago Public Schools, Maine Township High District, Park Ridge-Niles District and Elmwood Park Community Unit School District. Achieving student success at all costs is the common denominator for these fine school districts.
Want to Learn More About Chicago?
Here are resources that can help you find the perfect new home.
- Chicago Relocation Guide
- The Best Cities in Illinois for Retirees
- The Safest Cities in Illinois Compared
- The Best Suburbs in the Chicago Area
Market Overview: New Construction Homes in Chicago, IL
Here is a quick overview of new housing developments in the Chicago area and the new construction market for new build homes in Chicago:
| Market Name | Chicago |
| State Name | Illinois |
| Subdivisions | 266 |
| Homes Under Construction | 583 |
| Quick Move-in Homes | 626 |
| Floor Plans | 1,195 |
| Starting Price | $233,900 |
| Average Price | $470,703 |
| Price Per SqFt | $203 |
| New Home Builders | 73 |
| Leading Builders |
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