That ka-ching sound you hear could be coming from down the street or around the corner. Chicagoland has some pricey areas when it comes to real estate sales.
According to real estate website PropertyShark, of the 10 most expensive ZIP codes in the entire Chicago area, six are North Shore communities, three are western suburbs, and one is in the Loop. Kenilworth ZIP code 60043 is No. 1 at a median sales price of $1.24 million.
“There are multiple reasons why the most expensive ZIP codes are what they are,” said Bill Gill, a manager for Baird & Warner’s Naperville branch and a real estate veteran of 32 years. “Those reasons include: consistency in housing, schools, crime rates and cost of living.”
Clusters of high-priced residential areas — like on the North Shore — also make sense, Gill noted.
“Generally speaking, the most expensive ZIP codes are surrounded by other expensive ZIP codes, which ‘insulate’ the property values, therefore making the most expensive ZIP codes a ‘safe’ investment,” he said. “If there are little to no inexpensive homes in an area, it keeps all sales prices at a high level.”
In Chicago proper, the Loop’s 60603 ZIP code had the highest property sales prices in 2019, with a median of $570,000.
“60603 is not that big. It’s in the Loop,” said Ben Creamer, co-founder and managing broker at Downtown Realty Company. “I think what’s driving that, too, is there’s only a certain number of buildings there. So if a lot of the units selling there are $1 million-plus, obviously that really can drive the average price.”
ZIP code 60614, covering parts of Lincoln Park, Old Town Triangle, DePaul University and Bucktown, takes second place in Chicago with a $505,000 median sales price, and 60622, which includes Wicker Park and Ukrainian Village, comes in third with a median sales price of $485,000. Fourth was 60604 and fifth was 60654.
Housing costs in the city are affected by factors such as the age of the building and the quality of the design, according to Creamer, but also by proximity to amenities that urban dwellers crave — accessibility to workplaces, educational institutions, shopping and recreation. Residences near work hubs and public transit garner higher prices than those in outlying areas. And homes near highly ranked schools and established retail, dining and entertainment corridors will sell faster and for more than those in gentrifying neighborhoods.
“The city’s urban core is an in-demand location for buyers,” Creamer said. “Chicago’s West Loop, one of the top five (Chicago) ZIP codes listed in the study, is a good example of an established area that is near employment hubs as well as one of the city’s most bustling entertainment centers. The West Loop also has one of the city’s top-ranked elementary schools, so it’s no surprise that home prices are skyrocketing. And most homes sell at or above list price.”
The rankings are based on closed residential transactions between Jan. 1 and Nov. 22, 2019, including condos, co-ops, and single- and two-family homes in Cook and DuPage counties. (Only ZIP codes that registered a minimum of three residential transactions were considered.)
Here’s the list of the Chicago area’s 25 most expensive ZIP codes of 2019:
60043 (Kenilworth)
Median sale price: $1.24 million
60093 (Winnetka)
Median sale price: $885,000
60521 (Hinsdale)
Median sale price: $850,000
60022 (Glencoe)
Median sale price: $838,000
60029 (Golf)
Median sale price: $689,000
60091 (Wilmette)
Median sale price: $670,000
60026 (Glenview)
Median sale price: $578,000
60558 (Western Springs)
Median sale price: $574,000
60603 (Chicago – the Loop)
Median sale price: $570,000
60305 (River Forest)
Median sale price: $523,000
60614 (Chicago – Lincoln Park, Old Town and Bucktown)
Median sale price: $505,000
60622 (Chicago – Ukrainian Village, West Town and Wicker Park)
Median sale price: $485,000
60523 (Oak Brook)
Median sale price: $483,000
60184 (Wayne)
Median sale price: $473,000
60062 (Northbrook)
Median sale price: $450,000
60604 (Chicago – the Loop)
Median sale price: $449,000
60010 (Barrington)
Median sale price: $448,000
60514 (Clarendon Hills)
Median sale price: $436,000
60642 and 60654 (Chicago – West Town, Wicker Park, Ukrainian Village; Near North Side, River North, Goose Island, Fulton River District, West Loop)
Median sale price: $433,000
60618 (Chicago, Irving Park, Avondale, North Center, Lakeview)
Median sale price: $430,000
60647 (Chicago, Logan Square, Bucktown, Wicker Park, Hermosa)
Median sale price: $423,000
60068 (Park Ridge)
Median sale price: $418,000
60601 (Chicago – the Loop)
Median sale price: $413,000
60657 and 60646 (Chicago – Lakeview, Boystown, North Center; Sauganash, Forest Glen, Jefferson Park, Wildwood)
Median sale price: $410,000
60606 (Chicago – the Loop, West Loop Gate)
Median sale price: $393,000
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