It goes without saying that the coronavirus pandemic sparked a wave of uncertainty across myriad industries, and no other market has quite felt its impact like that of real estate.
The pandemic became a driving force behind the continued real estate boom, with high demand for vacation homes and a limited supply of housing that prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket. Since then, increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before.
compiled a list of cities with the fastest-growing home prices in the Chicago-Naperville-Elgin, IL-IN-WI metro area using data from . Cities are ranked by 1-year price change as of May 2023. The typical home value in the United States increased over the last year by 0.9% to $346,856. Data was available for 350 cities and towns in Chicago.
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#30. Clarendon Hills, IL
- 1-year price change: +$18,803 (+3.5%)
- 5-year price change: +$101,086 (+22.5%)
- Typical home value: $550,220 (#30 most expensive city in metro)
#29. Woodridge, IL
- 1-year price change: +$18,817 (+5.7%)
- 5-year price change: +$80,767 (+30.3%)
- Typical home value: $347,621 (#113 most expensive city in metro)
#28. Hawthorn Woods, IL
- 1-year price change: +$18,919 (+3.2%)
- 5-year price change: +$114,681 (+22.9%)
- Typical home value: $615,188 (#25 most expensive city in metro)
#27. Western Springs, IL
- 1-year price change: +$19,452 (+2.9%)
- 5-year price change: +$132,278 (+24.0%)
- Typical home value: $683,944 (#19 most expensive city in metro)
#25. North Barrington, IL
- 1-year price change: +$19,854 (+2.9%)
- 5-year price change: +$150,709 (+26.7%)
- Typical home value: $714,444 (#16 most expensive city in metro)
#24. Willowbrook, IL
- 1-year price change: +$19,944 (+7.6%)
- 5-year price change: +$72,125 (+34.4%)
- Typical home value: $282,076 (#197 most expensive city in metro)
#23. Village of Lakewood, IL
- 1-year price change: +$20,118 (+4.3%)
- 5-year price change: +$140,330 (+40.8%)
- Typical home value: $484,341 (#43 most expensive city in metro)
#22. Darien, IL
- 1-year price change: +$20,352 (+5.6%)
- 5-year price change: +$80,015 (+26.2%)
- Typical home value: $385,078 (#81 most expensive city in metro)
#21. Clare, IL
- 1-year price change: +$20,839 (+6.6%)
- 5-year price change: +$80,015 (data not available)
- Typical home value: $335,961 (#126 most expensive city in metro)
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#20. Downers Grove, IL
- 1-year price change: +$21,471 (+5.5%)
- 5-year price change: +$88,537 (+27.1%)
- Typical home value: $414,902 (#62 most expensive city in metro)
#19. South Barrington, IL
- 1-year price change: +$21,582 (+2.4%)
- 5-year price change: +$153,351 (+19.8%)
- Typical home value: $926,131 (#8 most expensive city in metro)
#18. Glen Ellyn, IL
- 1-year price change: +$22,496 (+5.0%)
- 5-year price change: +$90,147 (+23.7%)
- Typical home value: $470,649 (#51 most expensive city in metro)
#17. Fair Oaks, IN
- 1-year price change: +$22,635 (+8.4%)
- 5-year price change: +$126,530 (+76.9%)
- Typical home value: $291,151 (#186 most expensive city in metro)
#16. Indian Creek, IL
- 1-year price change: +$22,834 (+4.9%)
- 5-year price change: +$93,087 (+23.7%)
- Typical home value: $485,569 (#42 most expensive city in metro)
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#15. Mazon, IL
- 1-year price change: +$23,062 (+11.1%)
- 5-year price change: +$60,797 (+35.6%)
- Typical home value: $231,503 (#268 most expensive city in metro)
#14. Elmhurst, IL
- 1-year price change: +$23,678 (+5.1%)
- 5-year price change: +$91,782 (+23.1%)
- Typical home value: $489,281 (#40 most expensive city in metro)
#13. Lincolnshire, IL
- 1-year price change: +$24,018 (+4.2%)
- 5-year price change: +$91,741 (+18.2%)
- Typical home value: $596,324 (#27 most expensive city in metro)
#12. Wilmette, IL
- 1-year price change: +$25,216 (+3.4%)
- 5-year price change: +$143,942 (+23.3%)
- Typical home value: $760,668 (#14 most expensive city in metro)
#10. Old Mill Creek, IL
- 1-year price change: +$28,718 (+6.4%)
- 5-year price change: +$113,144 (+31.2%)
- Typical home value: $476,050 (#49 most expensive city in metro)
#9. Riverwoods, IL
- 1-year price change: +$30,784 (+4.0%)
- 5-year price change: +$111,997 (+16.4%)
- Typical home value: $794,602 (#11 most expensive city in metro)
#8. Bannockburn, IL
- 1-year price change: +$35,452 (+3.6%)
- 5-year price change: +$181,298 (+21.7%)
- Typical home value: $1,018,218 (#4 most expensive city in metro)
#7. Newark, IL
- 1-year price change: +$36,024 (+11.8%)
- 5-year price change: +$153,860 (+82.1%)
- Typical home value: $341,233 (#120 most expensive city in metro)
#5. Lake Forest, IL
- 1-year price change: +$47,360 (+5.0%)
- 5-year price change: +$188,300 (+23.6%)
- Typical home value: $986,597 (#5 most expensive city in metro)
#4. Winnetka, IL
- 1-year price change: +$56,581 (+4.3%)
- 5-year price change: +$350,941 (+34.0%)
- Typical home value: $1,383,159 (#2 most expensive city in metro)
#3. Hinsdale, IL
- 1-year price change: +$57,247 (+6.3%)
- 5-year price change: +$90,566 (+10.3%)
- Typical home value: $969,219 (#6 most expensive city in metro)
#2. Glencoe, IL
- 1-year price change: +$63,057 (+5.7%)
- 5-year price change: +$321,007 (+37.5%)
- Typical home value: $1,177,313 (#3 most expensive city in metro)
