Where are Chicago's hottest suburban real estate markets?
Crain’s Chicago Business examined Chicago suburbs to determine which have the most active housing markets. Crain’s examined 196 suburbs across Cook, DuPage, Lake, and Will counties and selected the markets where a large number of homes are selling faster and at higher median prices.
Here’s a look at what makes eight of these suburbs so popular.
Brookfield
Brookfield tends to have homes in the middle price range, according to the report. For example, the median home price in Brookfield Manor is $257,000. All three factors Crain’s considered—number of homes sold, how quickly they sold, and median price—improved this year, according to the report. The suburb has a number of amenities that make it attractive to homebuyers, including a Metra stop that takes riders into the city and Brookfield Zoo.
Darien
Just like Brookfield, Crain’s reports that median home price, time on the market, and number of homes sold all improved in Darien this year. Darien has a wide variety of home prices. In Marion Hills the median home price is $250,000, while the median home price in Darien Club is $595,000. Darien offers residents plenty of open space thanks to its proximity to the Waterfall Glen Forest Preserve.
Dolton
In previous years, Dolton has contended with high rates of foreclosure and unemployment, according to the report. The suburb is among the lowest priced suburbs on Crain’s list. Homebuyers can find median sale prices as low $38,400 (in Ivanhoe) and $89,900 (in Calumet Park). Dolton has attained hot status due in large part to home flippers and rehabbers; Midwest Real Estate Data revealed that 25 of the 147 homes sold in the suburb during the first half of the year were rehab candidates or recently rehabbed, according to the report.
Elk Grove Village
Elk Grove Village, located right next to O’Hare Airport, has reasonably priced homes across its neighborhoods. In Village on the Lake, the median sale price is $122,700 and $313,000 in Winston Grove. The suburb has a wide array of parks that make it an attractive spot for families. Kids will love the Pirates’ Cove Children’s Theme Park, while residents of all ages can enjoy the Ned Brown Preserve.
Maywood
The Union Pacific West Metra line will take you from Maywood to Chicago’s Ogilvie Station in less than 40 minutes, a big draw for commuters. Home prices in this suburb are also quite reasonable. In Broadview Estates homes sell at a median price of $154,500.
Morton Grove
Morton Grove, a northwestern suburb of Chicago, has home prices in the middle range. The median home price in Meadow Lane is $315,000 and $361,990 in Trafalgar Woods. Outdoor enthusiasts will love that Morton Grove has two forest preserves: Linne Woods and Miami Woods.
Oak Lawn
Oak Lawn, located southwest of Chicago, is one of the less expensive suburbs included on the Crain’s list. You’ll find a median sale price of $247,500 in Crawford Gardens and $181,494 in Oak Meadows. The CTA Orange Line makes commuting between this suburb and the city a breeze.
Wilmette
Homes in Wilmette sold faster in the first half of this year compared to the first half of last year. In the first half of last year, homes in this northern suburb spent an average of 104 days on the market. That number dropped to 84 days in the first half of this year. This suburb’s access to the lake—Wilmette has a beach at Gillson Park—and proximity to the city are key factors in its popularity, according to the report. Wilmette has some pricier homes in neighborhoods like Indian Hill Estates (a median sale price of $950,000) and Kenilwoth Gardens (a median sale price of $820,000), but you can find a wide price range. The median sale price in the Hollywood neighborhood is $537,250.