Chicago Housing: Before and After the Covid Boom and Bust

by | Mar 24, 2023

This week marks the 3rd anniversary of the Covid shutdown orders issued by the government. First, it collapsed a few months when fear took over and then went on a roller coaster ride of price appreciation never seen before, only to slow when the Fed raised rates last summer and mortgage interest rates doubled.

First, the overall picture. The median price of homes sold in the nine-county Chicago metro area in February was $290,000, according to data released this morning by Illinois Realtors. That’s up 21% from the February 2020 median price, $240,000. In Chicago, the median price of homes sold in February was $312,500, an increase of 7.7% from the median price, $290,000, three years ago, immediately before COVID hit.

home with rubber gloves and money depicting covid impact on housing market
Now let’s get into the weeds, where the Covid impacted individual neighborhoods and towns differently.

The charts we included below show prices in February 2020 and February 2023 for all city neighborhoods, by single family homes versus condos. Separate charts show the same February comparisons for all the suburbs in Cook, DuPage and Lake counties and most of Will County. The reports are more credible indicators of median prices in areas that had lots of February sales.

It’s essential to keep in mind that for most locations on the charts, the figures show snapshots in time, immediately before and after the housing market’s most dynamic stretch in decades. They do not necessarily indicate the percentage change in prices, up or down. That’s because the great majority of locations had a small number of sales in the two periods, which makes a calculation of the change faulty.

The Chicago Market Before Covid

In the first two months of 2020 showed strong increases in the median prices metrowide compared to the 2019- prices were up 4.% and total sales up 8.3%. These were figures we had not seen in a while and there was excitement that real estate was recovering strongly from a downturn- but nothing prepared us for what was next.

The Chicago Market During Covid

Nothing happened in the first few months of 2020, there were few showings and no cars even on the road. Once the government and real estate associations recognized people still needed to buy homes, procedures were put in place that allowed showings again and then things went crazy.

What did buyers want? Bigger homes to work and learn in- think extra office space to hold Zoom meetings to keep their jobs or home school their children. Safer areas away from the soaring city crime- being close to the “office” no longer mattered. That sudden demand for a different type of home coincided with huge slash in rates by the Feds to soften Covid’s impact.

Suddenly the pretty good increases from February 2020 paled to soaring 30% increase in sales from a year earlier and the start of the strongest stretch of growth in real estate history- 12 months of double-digit growth.

The Chicago Market in the Summer of 2022- Covid Aftermath

By early 2022, housing markets were red hot. No one could buy a home with multiple bids on everything. Inflation surged nationwide. The Fed began a series of interest rate hikes aimed at slowing it all down, and those hikes continue today. Rates on the 30-year fixed rate mortgage went from around 3% to around 7% almost overnight.

So what happened? Home prices have flattened or dropped depending on where you live. There is still pent up demand for housing and not enough homes to go around, especially on the North side condos under $500,000 where listings see multiple bids still. The big change so far is sales activity is half of what it was, as sellers stay put in there home with the 3% mortgage rate. Sales are maybe off 50-66% from the same period earlier depending on where you live. Uncertainty is paramount, buyers want to know what is coming next before they commit.

Chicago Sales, Prices and Market Times for February 2023:

  • 1,218 properties were sold in the City of Chicago in February 2023. This is a 36.7% decrease from February 2022.
  • The median sales price in the City of Chicago for February 2023 was $310,000, a 3.1% decrease from February 2022.
  • The City of Chicago saw listings average 94 days on the market until contract, which is a 2.5% increase from February 2022.

Before and after the boom and bust: Chicago condos and townhomes

 

Town 2020  median price 2020 sales 2023  median price 2023 sales
Albany Park $183,500 15 $200,000 14
Archer Heights $0 0 $0 0
Armour Square $499,000 1 $270,000 5
Ashburn $199,900 1 $34,000 1
Auburn Gresham $0 0 $106,000 3
Austin $97,900 9 $123,000 3
Avalon Park $0 0 $0 0
Avondale $377,500 20 $269,500 14
Belmont Cragin $164,000 4 $122,000 3
Beverly $75,900 1 $126,250 2
Bridgeport $296,000 6 $287,500 6
Brighton Park $0 0 $0 0
Burnside $80,000 1 $0 0
Calumet Heights $74,500 1 $75,000 1
Chatham $54,750 2 $58,750 4
Chicago Lawn $76,000 1 $0 0
Clearing $115,000 11 $155,000 7
Douglas $107,000 8 $192,000 11
Dunning $160,000 11 $220,000 11
East Garfield Pk $321,000 2 $218,000 5
East Side $102,500 2 $135,000 2
Edgewater $193,250 68 $250,000 63
Edison Park $170,000 9 $215,000 5
Englewood $0 0 $22,000 1
Forest Glen $230,000 3 $301,250 4
Fuller Park $0 0 $0 0
Gage Park $0 0 $0 0
Garfield Ridge $129,000 1 $175,500 3
Grand Boulevard $227,000 18 $290,000 7
Greater Grand Crossing $40,000 1 $0 0
Hegewisch $0 0 $0 0
Hermosa $155,000 1 $297,000 1
Humboldt Park $209,500 8 $362,000 1
Hyde Park $155,000 35 $179,000 17
Irving Park $221,000 26 $216,250 20
Jefferson Park $159,576 8 $169,900 7
Kenwood $251,250 20 $180,000 18
Lakeview $351,632 190 $372,200 146
Lincoln Park $545,000 115 $495,000 91
Lincoln Square $280,500 32 $345,000 29
Logan Square $417,500 56 $494,250 42
Loop $320,000 67 $300,000 77
Lower West Side $429,900 23 $532,000 4
McKinley Park $387,500 8 $425,000 1
Montclare $0 0 $0 0
Morgan Park $49,650 2 $127,000 2
Mt Greenwood $239,900 1 $100,500 4
Near North Side $405,000 241 $370,000 265
Near South Side $380,000 66 $390,000 53
Near West Side $360,000 101 $460,000 95
New City $158,700 2 $199,000 1
North Center $458,000 28 $505,000 36
North Lawndale $118,500 2 $0 0
North Park $185,000 5 $240,000 7
Norwood Park $175,000 7 $167,500 6
Oakland $222,500 5 $327,950 2
O’Hare $154,750 14 $167,500 10
Portage Park $148,750 18 $165,000 6
Pullman $105,000 1 $90,000 7
Riverdale $0 0 $0 0
Rogers Park $163,000 53 $187,000 45
Roseland $0 0 $69,000 1
South Chicago $85,000 1 $58,000 3
South Deering $87,500 5 $114,000 5
South Lawndale $0 0 $0 0
Sputh Shore $75,000 29 $86,000 14
Uptown $290,000 65 $304,350 62
Washington Heights $0 0 $46,100 1
Washington Park $0 0 $122,500 4
West Elsdon $0 0 $120,000 1
West Englewood $0 0 $0 0
West Garfield Park $49,000 2 $0 0
West Lawn $37,500 6 $57,000 3
West Pullman $0 0 $50,000 1
West Ridge $131,750 44 $145,000 35
West Town $512,569 165 $521,500 104
Woodlawn $168,000 16 $170,000 3

Before and after the boom and bust: Chicago Single Family Homes

Town 2020  median price 2020 sales 2023  median price 2023 sales
Albany Park $373,750 14 $431,500.00 8
Archer Heights $243,500 8 $247,000.00 3
Armour Square $310,000 1 $0.00 0
Ashburn $197,500 44 $235,500.00 32
Auburn Gresham $160,500 42 $161,500.00 28
Austin $190,000 56 $197,000.00 27
Avalon Park $135,000 19 $130,000.00 11
Avondale $435,000 11 $667,500.00 8
Belmont Cragin $265,000 27 $295,000.00 23
Beverly $251,500 20 $365,000.00 21
Bridgeport $350,000 12 $837,500.00 5
Brighton Park $218,000 5 $274,500.00 4
Burnside $65,500 2 $70,000.00 4
Calumet Heights $120,000 19 $158,150.00 13
Chatham $99,000 36 $200,000.00 13
Chicago Lawn $165,000 29 $222,500.00 20
Clearing $239,950 20 $295,000.00 17
Douglas $335,000 5 $520,000.00 2
Dunning $272,500 51 $345,000.00 30
East Garfield Pk $153,000 5 $280,000.00 2
East Side $152,000 11 $190,000.00 5
Edgewater $524,900 7 $730,000.00 7
Edison Park $373,000 16 $392,000.00 7
Englewood $41,950 16 $64,000.00 10
Forest Glen $357,500 20 $422,500.00 18
Fuller Park $0 0 $71,500.00 1
Gage Park $190,550 9 $220,500.00 6
Garfield Ridge $255,000 43 $286,000.00 31
Grand Boulevard $549,000 13 $420,000.00 6
Greater Grand Crossing $65,000 27 $150,000.00 23
Hegewisch $130,000 7 $255,000.00 9
Hermosa $279,500 6 $395,000.00 5
Humboldt Park $282,500 22 $244,500.00 16
Hyde Park $675,000 1 $993,750.00 2
Irving Park $445,000 28 $575,000.00 18
Jefferson Park $323,000 26 $299,000.00 19
Kenwood $518,000 5 $570,000.00 3
Lakeview $1,290,000 12 $1,289,950.00 4
Lincoln Park $1,225,000 17 $1,634,500.00 12
Lincoln Square $890,000 9 $1,090,000.00 5
Logan Square $916,250 30 $985,000.00 19
Loop $0 0 $0.00 0
Lower West Side $477,500 2 $809,500.00 2
McKinley Park $203,000 3 $394,000.00 4
Montclare $284,000 14 $280,000.00 5
Morgan Park $216,000 32 $172,500.00 28
Mt Greenwood $218,000 25 $325,000.00 11
Near North Side $2,250,000 7 $2,600,000.00 7
Near South Side $0 0 $0.00 0
Near West Side $500,000 3 $1,050,000.00 3
New City $218,450 10 $115,950.00 8
North Center $1,002,500 24 $1,010,000.00 11
North Lawndale $93,000 7 $225,500.00 3
North Park $360,000 5 $459,010.00 7
Norwood Park $363,750 44 $339,950.00 46
Oakland $437,000 2 $0.00 0
O’Hare $311,000 1 $444,229.00 4
Portage Park $302,500 35 $350,000.00 28
Pullman $118,500 6 $35,000.00 1
Riverdale $16,500 1 $71,250.00 2
Rogers Park $515,000 5 $840,000.00 3
Roseland $149,800 61 $136,000.00 48
South Chicago $86,500 20 $183,000.00 13
South Deering $75,251 8 $140,000.00 1
South Lawndale $155,000 5 $210,000.00 3
Sputh Shore $154,000 26 $95,000.00 11
Uptown $871,250 4 $1,450,000.00 1
Washington Heights $118,900 45 $198,500.00 26
Washington Park $0 0 $241,000.00 1
West Elsdon $219,950 14 $235,000.00 11
West Englewood $82,000 15 $149,000.00 29
West Garfield Park $110,500 6 $130,000.00 3
West Lawn $221,500 20 $244,000.00 17
West Pullman $110,000 31 $164,900.00 27
West Ridge $365,000 23 $392,500.00 16
West Town $1,032,500 18 $1,188,500.00 22
Woodlawn $749,000 3 $365,000.00 7

Before and after the boom and bust: Chicago Suburbs

Suburb

2020  median price

2020 sales

2023  median price

2023 sales

Addison

$236,450

55

$260,000

31

Alsip

$177,500

24

$175,000

27

Antioch

$218,950

40

$265,000

43

Arlington Heights

$297,500

126

$342,250

85

Aurora and Eola

$195,000

232

$277,000

179

Bannockburn

$874,500

1

$0

0

Barrington Area

$445,000

91

$487,500

67

Bartlett

$265,751

58

$323,000

38

Beach Park

$159,900

19

$283,000

20

Bedford Park

$254,000

2

$404,450

2

Bellwood

$159,950

32

$234,000

18

Bensenville

$267,450

22

$274,000

25

Berkley

$200,000

7

$281,000

6

Berwyn

$219,200

60

$250,000

45

Bloomingdale

$265,000

33

$350,000

25

Blue Island

$155,000

16

$195,000

19

Bolingbrook

$237,500

103

$313,500

70

Bridgeview

$220,000

11

$240,000

15

Brookfield

$235,500

28

$275,000

26

Buffalo Grove

$261,500

94

$355,000

41

Burbank

$228,000

37

$247,000

28

Burnham

$70,000

7

$104,500

6

Burr Ridge

$552,500

18

$710,000

20

Calumet City

$68,250

34

$149,900

43

Calumet Park

$113,000

10

$106,000

13

Carol Stream

$245,000

50

$275,000

35

Chicago Heights

$109,351

34

$146,500

23

Chicago Ridge

$110,000

15

$130,750

20

Cicero

$195,000

29

$232,500

22

Clarendon Hills

$422,500

20

$685,000

7

Country Club Hills

$94,000

33

$187,810

36

Countryside

$115,000

5

$287,500

8

Crest Hill

$183,000

20

$213,500

30

Crestwood

$121,750

24

$142,750

26

Crete

$166,950

24

$219,009

17

Darien

$277,500

52

$307,500

34

Deerfield

$394,000

35

$535,000

35

Des Plaines

$222,250

116

$274,950

106

Dixmoor

$36,200

1

$161,200

2

Dolton

$85,500

42

$144,900

29

Downers Grove

$308,000

103

$386,500

96

East Hazel Crest

$134,000

1

$165,000

1

Elgin

$189,950

172

$270,000

164

Elk Grove Village

$216,000

43

$267,950

36

Elmhurst

$379,500

74

$425,000

51

Elmwood Park

$241,000

26

$225,000

29

Evanston

$322,500

110

$369,000

80

Evergreen Park

$194,900

29

$255,000

24

Flossmoor

$209,500

20

$265,000

11

Ford Heights

$0

0

$25,750

2

Forest Park

$185,000

28

$285,000

29

Forest View

$0

0

$175,000

1

Fox Lake

$132,000

23

$210,000

15

Fox River Grove

$202,875

8

$275,000

5

Frankfort, Green Garden

$317,500

45

$321,000

31

Franklin Park

$201,000

22

$275,000

23

Glen Ellyn

$337,500

74

$420,000

54

Glencoe

$665,000

11

$1,300,000

11

Glendale Heights

$201,000

34

$228,000

30

Glenview, Golf

$475,000

95

$512,000

67

Glenwood

$127,500

24

$161,500

13

Grayslake, Hainesville, Third Lake, Wildwood, Gages Lake

$174,989

83

$269,500

60

Gurnee

$212,500

58

$310,000

51

Hanover Park

$209,250

52

$268,500

35

Harvey

$37,000

13

$114,500

20

Harwood Heights

$285,000

7

$530,000

5

Hawthorn Woods, Lake Zurich, Kildeer, Long Grove

$400,000

69

$470,000

69

Highland Park

$429,375

60

$607,000

38

Highwood

$182,500

2

$650,000

1

Hillside

$182,500

10

$225,000

13

Hinsdale

$905,000

41

$937,450

28

Hodgkins

$187,000

1

$0

0

Hoffman Estates

$255,000

75

$320,000

53

Hometown

$161,500

5

$163,000

5

Homewood

$158,500

36

$189,000

39

Indian Creek, Vernon Hills

$244,000

46

$325,950

28

Indian Head Park

$260,000

5

$185,750

4

Inverness

$521,000

11

$588,700

6

Island Lake

$154,000

21

$231,000

11

Itasca

$275,000

13

$365,000

13

Joliet

$167,500

205

$225,000

168

Justice

$188,000

11

$214,450

8

Kenilworth

$0

0

$2,375,000

11

La Grange

$385,000

29

$415,000

25

La Grange Park

$235,000

13

$360,000

11

Lake Bluff

$438,000

25

$1,159,500

10

Lake Forest

$708,750

52

$825,000

31

Lake Villa, Lindenhurst

$209,000

58

$260,000

42

Lakemoor, Holiday Hills, Johnsburg, McHenry, McCollum Lake, Sunnyside, Ringwood

$177,000

110

$231,500

75

Lansing

$119,900

47

$172,673

44

Lemont

$350,000

31

$555,000

21

Libertyville, Green Oaks

$423,000

51

$480,000

39

Lincolnshire

$510,000

11

$570,000

13

Lincolnwood

$331,000

17

$327,000

9

Lisle

$291,625

62

$257,450

30

Lockport, Homer Township

$212,000

66

$285,000

74

Lombard

$245,000

73

$277,000

76

Lynwood

$139,750

14

$388,150

14

Markham

$63,000

19

$128,000

30

Matteson

$154,265

43

$230,000

42

Maywood

$132,600

31

$236,500

20

McCook

$0

0

$0

0

Melrose Park

$195,000

19

$315,000

13

Merrionette Park

$136,500

4

$36,000

1

Mettawa

$0

0

$0

0

Midlothian

$137,293

14

$167,450

20

Morton Grove

$302,250

58

$380,000

31

Mount Prospect

$277,000

84

$327,500

46

Mundelein

$236,000

41

$351,813

56

Naperville

$380,000

248

$505,000

171

New Lenox

$292,750

48

$360,000

49

Niles

$265,000

48

$306,000

34

Norridge

$303,500

12

$305,500

16

North Chicago

$75,000

7

$129,150

17

North Riverside

$209,500

8

$325,000

3

Northbrook

$400,000

63

$462,760

69

Northfield

$459,000

20

$850,000

7

Northlake

$173,275

14

$228,950

12

Oak Brook

$675,000

16

$875,250

20

Oakbrook Terrace

$205,000

3

$199,000

1

Oak Lawn

$178,000

95

$221,250

98

Oak Park

$280,000

97

$399,900

67

Orland Hills

$216,250

8

$235,000

5

Orland Park

$248,750

108

$290,000

97

Palatine

$220,000

122

$287,500

84

Palos Heights

$256,000

26

$275,000

21

Palos Hills

$170,000

28

$208,000

20

Palos Park

$275,000

23

$780,000

6

Park Forest

$56,000

40

$133,700

44

Park Ridge

$460,000

61

$465,000

34

Phoenix

$0

0

$63,375

2

Plainfield

$255,000

185

$345,490

145

Posen

$160,000

7

$180,000

5

Prospect Heights

$220,000

27

$240,000

21

Richton Park

$147,251

23

$165,000

15

River Forest

$555,000

17

$365,000

11

River Grove

$112,000

13

$262,500

12

Riverdale

$45,000

11

$98,000

17

Riverside

$393,400

19

$360,000

14

Riverwoods

$517,500

4

$540,383

2

Robbins

$47,300

3

$94,000

7

Rolling Meadows

$177,000

41

$258,866

26

Romeoville

$196,500

56

$279,950

54

Roselle, Keeneyville

$195,500

38

$265,500

30

Rosemont, Dundee

$407,000

1

$0

0

Round Lake Area

$170,000

41

$254,950

38

Sauk Village

$58,250

14

$154,950

26

Schaumburg

$192,000

159

$255,000

93

Schiller Park

$130,500

14

$267,500

10

Shorewood

$269,000

45

$309,950

24

Skokie

$279,900

75

$316,000

58

South Chicago Heights

$132,000

5

$145,000

4

South Holland

$153,000

35

$210,000

29

St. Charles

$332,500

115

$422,000

54

Steger

$115,500

20

$129,900

13

Stickney

$252,000

11

$259,900

7

Stone Park

$161,000

5

$328,500

4

Streamwood

$178,500

75

$253,000

42

Summit

$145,000

1

$265,000

5

Thornton

$123,250

4

$157,000

3

Tinley Park

$206,000

120

$265,900

85

University Park

$120,700

10

$162,000

7

Vernon Hills

$240,000

45

$325,950

28

Villa Park

$204,950

38

$259,500

36

Volo

$252,415

35

$249,900

9

Wadsworth, Old Mill Creek

$265,000

11

$343,000

8

Warrenville

$205,450

26

$249,850

14

Wauconda

$248,521

29

$251,750

23

Waukegan, Park City

$133,000

52

$189,125

52

Wayne

$323,000

5

$887,500

2

West Chicago

$280,000

32

$329,750

24

Westchester

$245,000

39

$304,500

32

Western Springs

$571,900

16

$565,000

15

Westmont

$255,250

26

$272,500

34

Wheaton

$308,000

89

$370,000

64

Wheeling

$182,250

48

$255,000

43

Willow Springs

$200,000

11

$307,450

16

Willowbrook

$255,000

21

$265,500

28

Wilmette

$525,000

43

$652,500

30

Winfield

$322,000

15

$373,500

18

Winnetka

$939,500

30

$1,690,000

16

Winthrop Harbor

$164,000

9

$189,950

14

Wood Dale

$222,000

23

$262,000

20

Woodridge

$270,000

54

$344,950

36

Worth

$183,700

15

$121,000

13

Zion

$114,900

43

$164,000

35

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