Do you have clients priced out of city living? Redfin has a suggestion for you.
City life is reawakening after a year marred by the pandemic, but that doesn’t mean the resurgent demand for homes in the neighboring suburbs is coming down any time soon.
For those caught between the priciness and lack of space city living offers and large suburban homes selling well above asking price, Redfin set out to determine the best alternatives to city living in various markets across the country.
Redfin’s data team found the most affordable alternatives to the 11 most popular big cities, including Chicago. Offering lower prices than comparable suburbs and the adjacent big city, Redfin’s analysts said these alternatives also offer more inventory, giving homebuyers a rare opportunity in today’s market.
Chicago’s affordable alternative, according to the report, is Hoffman Estates. Located just 45 minutes from downtown and close to O’Hare International Airport, the median list price of a home in Hoffman Estates is $154,900, compared to Chicago’s median list price of $365,000. Not only is the price nearly half of that of a property in the city, it’s also near plenty of restaurants, a shopping mall, great school districts and parks.