The housing market in Chicago, the largest city in Illinois, has moved at a different pace compared to suburban areas. At the beginning of 2021, the median home price in Chicago was about $280,000, and as of 2026, it is estimated to be around $345,000. This represents an approximate increase of 23% over five years.

In comparison to the national average five-year cumulative increase of 35-45%, Chicago's growth is notably lower. Factors such as a slowing population growth in the metropolitan area and significant disparities across different neighborhoods appear to have influenced the moderate increase.

During the period from early 2021 to the first half of 2022, there was a gradual increase in a low-interest rate environment, but from the second half of 2022 to 2023, the rate of increase significantly slowed due to rising interest rates. After 2024, different trends are expected across neighborhoods, with some areas of the downtown experiencing stagnation while popular neighborhoods on the North Side show slight increases.

The overall low increase rate in Chicago can be attributed to a stagnating or slightly declining population and demand concentration due to variations in taxes and crime rates across neighborhoods. In contrast, the North Side and some redevelopment areas have shown relatively stable demand.

Recent market observations indicate a clear temperature difference by neighborhood. While properties in popular areas are still being sold quickly, some neighborhoods have listings that remain on the market for a long time. This is why it's difficult to assess the Chicago market based solely on the overall city average.

For Korean households, Chicago is a region where urban accessibility and relatively low price points can be considered together. However, due to significant neighborhood disparities, it is particularly important to directly check recent transaction cases in specific communities or condo complexes.

Regarding future prospects, it is necessary to approach the city as a whole and individual neighborhoods cautiously. While a gradual trend is likely to continue for the city overall, areas with development potential may see faster increases.

In summary, Chicago has recorded a growth rate below the national average, but within that, there are significantly different trends across neighborhoods. If considering buying or selling, it seems more practical to first examine individual data for areas of interest rather than relying solely on the city average.