Chicago’s Shifting Real Estate Market
Chicago home buyers are ditching the downtown area, including the River North and West Loop neighborhoods. Where are they going? Realtor and Chicago native Matt Laricy answer that and more.
ChicagoNOW is a fast-paced, conversational show that spotlights what’s trending in and around Chicago.
Posted May 7, 2025 11:22am CDT
Introduction to the Shift
The Chicago real estate market is experiencing a significant shift, with home buyers increasingly ditching the downtown area, including the River North and West Loop neighborhoods. This trend has left many wondering where these buyers are heading and what’s driving this change. To answer these questions, we turned to Matt Laricy, a seasoned realtor and Chicago native.
Reasons Behind the Shift
According to Laricy, several factors are contributing to this shift. One major reason is the changing lifestyle preferences of home buyers. With the rise of remote work, many people no longer need to be close to their offices, which were often located in the downtown area. As a result, they’re seeking more spacious and affordable living arrangements in other parts of the city.
Neighborhoods on the Rise
So, where are these home buyers going? Laricy points to several neighborhoods that are gaining popularity, including Lincoln Park, Lakeview, and North Center. These areas offer a more suburban feel, with plenty of green spaces, restaurants, and shops, while still being relatively close to the city center.
What’s Driving the Demand?
The demand for homes in these neighborhoods is driven by a combination of factors, including affordability, safety, and amenities. Home buyers are seeking areas with good schools, low crime rates, and easy access to public transportation. They’re also looking for neighborhoods with a strong sense of community, where they can put down roots and raise their families.
Expert Insights
Laricy notes that the shift away from downtown is not unique to Chicago. Many cities across the United States are experiencing similar trends, as home buyers prioritize lifestyle and affordability over proximity to city centers. However, Chicago’s unique blend of urban and suburban neighborhoods makes it an attractive option for those seeking a mix of both.
Conclusion
The Chicago real estate market is undergoing a significant shift, with home buyers ditching the downtown area for more suburban neighborhoods. Driven by changing lifestyle preferences and a desire for affordability and amenities, this trend is likely to continue in the coming years. As the city continues to evolve, it’s essential for home buyers, sellers, and real estate professionals to stay informed about the latest developments and trends.
Frequently Asked Questions
Q: Why are home buyers leaving the downtown area?
A: Home buyers are leaving the downtown area due to changing lifestyle preferences, including the rise of remote work, and seeking more spacious and affordable living arrangements.
Q: Which neighborhoods are gaining popularity?
A: Neighborhoods like Lincoln Park, Lakeview, and North Center are gaining popularity due to their suburban feel, amenities, and relatively close proximity to the city center.
Q: What’s driving the demand for homes in these neighborhoods?
A: The demand is driven by a combination of factors, including affordability, safety, and amenities, as well as a strong sense of community.
Q: Is this trend unique to Chicago?
A: No, many cities across the United States are experiencing similar trends, as home buyers prioritize lifestyle and affordability over proximity to city centers.
