Question 1

How much does it cost to buy a house in the Western and Northern suburbs of Chicago?

Accepted Answer

The median price of a home across the Mainstreet REALTORS® service area was approximately $299,000 for a single family detached home in 2024, which was up by about 9 percent over 2023. Due to interest rates, however, the good news is that there is a little more housing available in 2024 than in 2023. Mainstreet REALTORS® report that about 5 percent more inventory is available in 2024 than in 2023, and most homes sell in about 34 days. That indicates that while it remains a competitive market and many homes receive multiple offers and sell above their list price, there is opportunity for buyers as interest rates decline.

Question 2

Interest rates still seem high. Why should I buy now?

Accepted Answer

Mainstreet REALTORS® are asked this question every day. It’s true that interest rates are higher now, though they’re still at historically low rates. But owning a home isn’t just about getting the best interest rate. Homeownership is also about growing your net worth, stabilizing your housing cost, and owning a tangible asset over the long term. So should you rent or buy? Check out our mortgage center for a free analysis tool that can help you understand what you can afford.

Question 3

What type of properties are available in the Northern, Western and Southern suburbs of Chicago?

Accepted Answer

The Northern, Western and Southern suburbs offer an enormous assortment of housing options, from traditional single-family homes to condominiums, townhomes, multi-family buildings, duplexes, apartments and thousands of rentals. Virtually all of the suburban communities are easily accessed from the city by the Metra train system, easing the commute to downtown Chicago and other large suburbs like West Chicago, Aurora and Naperville. Throughout the area, you can find a mix of downtown-style living in the larger suburbs like Oak Brook, or suburban living in communities like Des Plaines, Elmhurst, Libertyville, Rolling Meadows or Glen Ellyn. The region has a mix of older suburbs with quaint downtowns and leafy streets populated with Tudor, Cape Cod and Traditional homes, such as Downers Grove. You can also find newer suburbs with planned communities that feature Contemporary and Modern homes in Arlington Heights, Niles, Wheeling, Palatine and Westmont. Throughout the area, many residents treasure the robust forest preserve system, which connects people to nature via hiking trails, rivers and reservoirs.

Question 4

When's the best time to buy a house in the Northern, Western and Southern suburbs of Chicago?

Accepted Answer

Many REALTORS® say late summer and early fall are the best times to buy a home because sellers can be motivated to sell before the holidays and there may be fewer buyers in the market. But in the Northern, Western and Southern suburbs of Chicago, our four-season weather has created a fairly even buying pattern throughout the year with only a slight decline before the holidays. Depending on your needs and timing, we suggest meeting with a REALTOR® to develop the right strategy for your particular situation.

Question 5

Is buying property in the Northern, Western and Southern suburbs of Chicago a good investment?

Accepted Answer

Since Chicagoland is such a great place to live, homes in the Northern, Western and Southern suburbs are always in demand because of the variety of housing inventory, easy commute and great schools. That’s why homes here have appreciated annually at an average of 10 percent. Studies have also shown that homeowners are wealthier in the long run because they are investing in real property which may appreciate over time. But even if your home doesn't appreciate quite so quickly, you're still investing in something you own, rather than paying rent to someone else. That is a benefit no one else can claim, because you’re investing in yourself.

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How much does it cost to buy a house in the Western and Northern suburbs of Chicago?

Interest rates still seem high. Why should I buy now?

What type of properties are available in the Northern, Western and Southern suburbs of Chicago?

When's the best time to buy a house in the Northern, Western and Southern suburbs of Chicago?

Is buying property in the Northern, Western and Southern suburbs of Chicago a good investment?