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  • The Biggest News Jason Rosenberg

Average Price Per Square Foot in Chicago in 2023

Chicago is a dynamic and enticing city that has an abundance of offerings for both its inhabitants and tourists. From lucrative job opportunities to top-tier museums and a bustling nightlife scene, Chicago presents a cornucopia of options for every lifestyle.

For those contemplating homeownership in Chicago, understanding the average price per square foot is crucial. This metric can fluctuate based on factors like the specific neighborhood, the type of property, its dimensions, and the state of its upkeep.

As we stand in June 2023, the average price per square foot in the Windy City sits at $267. This figure represents a dip from the 2022 peak of $300, yet it continues to outpace the national average in the United States, which stands at $226.

There are notable variances in this average when considering individual neighborhoods within Chicago. For instance, the average price per square foot in Lincoln Park is a hefty $350, contrasting sharply with Englewood's more modest $150 average.

Various elements can impact the price per square foot in Chicago:

  • Neighborhood: The most significant determinant of the price per square foot is the neighborhood. High-demand areas such as Lincoln Park and Lakeview command higher prices compared to less sought-after locales like Englewood and Garfield Park.

  • Property Type: The type of property also contributes to the price per square foot. Single-family residences typically have higher price tags compared to condominiums or townhomes.

  • Size: The dimensions of the property play a role in its price per square foot, with larger properties generally being pricier.

  • Condition: A property's state of maintenance can influence the price per square foot. Well-maintained properties are generally pricier than those requiring extensive repairs.

If you have set your sights on purchasing a home in Chicago, comprehensive research and price comparisons across various neighborhoods are essential. The property's type, size, and condition should also be integral components of your decision-making process.



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