According to public records, the average price of new single family homes sold in Chicago—specifically, houses built between 2016 and 2018 within the city limits during the last six months—is just over $1 million.
Families on a budget will be hard-pressed to find much under the half-million dollar mark. A quick search shows only 24 listings for detached single family homes in Chicago; bumping the budget up to $550,000 returns just ten more than that.
For those with the means, here’s an idea of what can be purchased around the city at this price point.
Listed just shy of half a million dollars, this 3,000-square-foot single family home in McKinley Park is one of the least expensive truly brand new (not a gut rehab) homes you can get in the city. Nicely finished with all of the standard bells and whistles—your ubiquitous granite countertops, dark hardwood flooring, and a spacious two-car garage—this new house drives a hard bargain.
Here’s a newly constructed home that doesn’t look out of place in historic Morgan Park. Filled with contemporary finishes, the new house boasts an open floor plan on the main level and plentiful bedrooms and bathrooms. The driveway leads up to a detached two-car garage, but the 107th Street Metra station is just a short walk away.
With five bedrooms and three and a half bathrooms spanning 3,145 square feet of useable space, this new home is perfectly suited for a growing family. Boasting a masonry front facade and upscale finishes on the inside, this one is not exactly a budget starter home. Transportation options are plentiful, with its location being equidistant to both the Indiana and 43rd Street Green Line stations.
Just one of dozens of new homes being built on the western edge of the Tri-Taylor neighborhood, this 2,650-square-foot four-bedroom looks similar to the classic Chicago two-flat style while offering all brand new finishes and fixtures for today’s families. Highlights include zoned heating and air with smart controls and a spacious back deck and yard. The location is tough to beat as well, with University Village and the Illinois Medical District just minutes away.