Just as the arctic temps slow the pace of life in Chicago, the cold months also have a considerable effect on the real estate market. And while moving in the dead of a Chicago winter isn't ideal, current asking prices are about as low as they’re going to be until next winter.
Chicago remains nationally competitive when it comes to affordability. While its $299,000 median listing price is above the national median ($289,000), our median sale price is the lowest it's been in a year: $243,000, according to numbers from Realtor.com.
But let’s go even lower — say, $200,000. Currently, there are around 1,100 detached single family homes at that price point in Chicago, mostly on the far South Side. Buyers can also find solid deals on condos and townhouses throughout the city. Here's a few to consider.
Flippers have been active in far South Side neighborhoods such as Auburn Gresham, Deering, and Chatham, giving oftentimes deteriorating homes a new lease on life. This 1,000-square-foot three-bedroom, for instance, has been rehabbed with all new finishes and appliances, making the rare move-in home well under $200,000.
That's right: can could find yourself living in Chicago’s iconic Marina City for less than $180,00. The floor plan at this particular studio is only 500 square feet, but 46th floor views of the Chicago River could make the slight quarters worth it.
It may need a little TLC, but this vintage home makes up for it with plentiful character and charm. With a good bit of elbow grease, this turn of the century Victorian in Austin would be an absolute stunner. Even better is its location, just a few blocks from the Green Line and border of Oak Park.
With three bedrooms spanning 1,800 square feet, this three-level townhouse in Clearing is a lot of space for the money. Located only a block away from Midway Airport, aerial noise and light pollution are factors, but if you travel a lot, that negative could become a positive. Plus: easy access to the Orange Line.
Hyde Park boasts all sorts of real estate value, but not all vintage apartments are created equal. With smart finishes and a central location in the neighborhood, this unit is a solid buy for a solo dweller or a couple. The price has also fallen by $20,000 over the last six months.