Welcome to the vibrant, bustling metropolis of Chicago, IL! Chicago is one of the most dynamic and exciting cities in the United States, offering a wealth of opportunities for everyone. As the nation's Best Big City for six years running, Chicago provides an unbeatable combination of world-class attractions, stunning parks, and green spaces, innovative cuisine, vibrant neighborhoods with something new to discover around every corner, and a welcoming spirit that makes it an ideal place to call home. From luxury high-rise condos downtown to cozy homes in the suburbs, Chicago's housing market features something for everyone. Whether you're looking for a starter home or a top-of-the-line property with all the bells and whistles, Chicago has what you need.
Quick Facts:
- Chicago is home to 2,716,450 residents.
- The median home sold price was $295K.
- Median Days on Market: 73 Days
- The average salary for jobs in Chicago, Illinois, is $67,261 per year.
Chicago, IL in a Nutshell
With over 460 towering skyscrapers, awe-inspiring architecture, and a population of 9.9 million people in Chicagoland, you'll quickly feel the vibrancy that pulses through America's third-largest city when your feet hit the ground. Chicago may have been founded as early as 1833, but it has taken its rightful place as an alpha+ global city; one considered to be an important nodal point for international business and finance on today's world stage! From business and finance to transportation, telecommunications, culture & the arts - Chicago truly has it all.
Employment
The unemployment rate in Chicago saw a drastic shift over the past year, from a peak of 9.4% at the height of pandemic-induced job loss to an impressive 4.7% in April 2022—an encouraging sign that many are returning to work or actively seeking employment opportunities now more than ever before. That said, this figure has slowly started climbing again since April and currently stands at 5.8%, highlighting how even with continued efforts by local residents, there is still much progress to be made on reclaiming these jobs lost during 2020's economic downturns.
In May 2022, Chicago's job market was booming as the city added 14,800 jobs to its 4.6 million-strong workforce, according to Current Employment Statistics (CES). The Education and Health Services sector is by far the largest employer in Chicago at 20%, showing that a well-educated population can create vast opportunities for growth.
Economy
After hitting a low during the pandemic, Chicago has bounced back, with 41% of its lost jobs recovered, and is expected to meet pre-pandemic growth numbers by Q1 2024. Amidst steady job gains across many large U.S. metros, however, it still ranks 42nd in terms of average annual growth for 2022 - 2025 on the list of largest 51 cities—below the U.S. net decline rate of 5.6%. Nevertheless, at 2.4%, 4.4 %, and 0 .3%, respectively, from 2021–2025, Chicago looks set to prove itself resilient yet again!
Chicago, IL Real Estate Market
Despite a slight decline in home sale prices projected for the next twelve months, experts are forecasting positive annual growth across all of Illinois with no drop-off in value. October 2022 was an especially strong month - median price increased 3.2 percent to $300,000, and 7,645 homes were sold throughout Chicago Metro Area—a 32% decrease from last year's numbers yet still promising! Home values also rose 2.2% within the city limits up to an eye-catching $320K, while sales dropped just over 30%.
Real Estate Trends
Chicago, a vibrant metropolitan city with many attractions to offer, saw an exodus of homebuyers from Oct '22 - Dec '22. 17% decided it was time for them to look past the Windy City and move out, while 83% sought new opportunities within their beloved metropolis. Interestingly enough, though not everyone is moving away, 3% were looking into Chicago from outside metros! Denver had the highest number of individuals searching to trade mountain views for scenic skyline vistas, followed by Rockford, then Minneapolis. For those who chose or wanted to stay close by, Cape Coral swept first place as the most popular destination amongst Chicagoans, trailing behind Milwaukee and Miami, respectively.
Final Thoughts
Chicago may have had its fair share of ups and downs over the years, but one thing is for sure- it remains one of the most important and influential cities in the world. As economic, business and real estate trends continue to shift, this resilient metropolis shows no signs of slowing down anytime soon! With a booming employment market, rising home values, and plenty of attractions, Chicago continues to be an attractive place to live, work and play.
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