Why buy foreclosure properties in Chicago’s satellite cities?
- Great schooling districts and family-friendly neighborhoods.
- Large built-up areas surrounded by nature.
- Seamless accessibility to Chicago’s commercial districts.
Once lauded by author HG Wells for its “individualistic industrialism,” Chicago, the economic engine of the state of Illinois, is the third largest city in the US with over 2.7 million inhabitants. It is home to an impressive array of modern architectural marvels, the nation’s second-largest public transportation system, numerous cultural institutions, and a vibrant music scene.
The city that birthed the world’s first skyscraper and first elevated railway consists of 78 neighborhoods with residential tracts like Wicker Park, River North, Lincoln Park, and West Town being most sought-after by homebuyers. If you aspire to own or invest in a home in these sectors and at the same time need a fast, and transparent transaction, you can give your consideration to competitively priced Chicago foreclosures at Auction.com.
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Chicago Housing Market Snapshot
Chicago was nicknamed the Second City for having rebuilt itself after the great fire of 1871 that gutted a third of the city. In keeping with that spirit of interminability, the housing market here has bounced back tremendously over the last few years since the pandemic brought all activity to a complete standstill.
In May 2024, there was an uptick of 6.9% Year-over-Year (YoY) in the median listing home price, with the median home sale price currently at $367.5K. Meanwhile, with residential supply surpassing demand, Chicago remains an affordable market that favors buyers. Homes in the city sell on average . The median number of days on the market for homes in Chicago has trended downwards YoY, . While you may face a fair amount of competition during the initial purchase, you may find that flipping that property will be easier and more straightforward.
There are myriad other reasons to invest in Chicago’s real estate landscape or become an owner-occupant. Some of them are:
- The greater Chicago area consists of some of the nation’s top ranked colleges and universities such as Northwestern University, University of Chicago, and University of Illinois Urbana-Champaign.
- The Steppenwolf and The Chicago Theatre are among over 200 theatres that premiere world-class productions of staggering scales.
- The city hosts notable festivals like the Chicago Blues Festival, Lollapalooza, and Pitchfork and is the birthplace of genres like electric blues, gospel, juke, and house.
- If music festivals aren’t your thing, Chicago has eight professional major-league sports teams, each with their dedicated venues.
- There’s an enviable crop of public and private schools spread across districts such as Lincolnshire, Glenview, Hyde Park, Bucktown, and Roscoe Village.
Chicago boasts of hundreds of strategically located and feature-rich luxury residences with stellar views of the skyline. However, if highly affordable properties spark your interest, you should know that auctions for Chicago foreclosures open bidding at very low prices.
ATTOM Data revealed that foreclosure starts in Chicago grew by 27.2% YoY in April 2024 alone. If you are looking for a great first-time investment and speedy closing process, Auction.com’s granular search, sort, and filtering features can help you find Chicago foreclosures and house auctions in minutes.
A 2022 American Community Survey report pointed out that 3.2% of residents moved from another state to Chicago that year. While Chicago is a great city to put down roots in, there are several satellite cities for homebuyers looking for a life away from the thick of it all.
Chicagoland or the official Chicago metropolitan area encompasses multiple counties and satellite cities spread across Illinois, Indiana, and Wisconsin. Read on to know more about some of the most optimal residential markets among these cities.
Top 10 Satellite Cities for Investment
House hunters can choose from an assortment of cities that are part of the Chicago metropolitan area, well connected with the Chicago hinterland albeit not as busy. We zeroed in on cities with stable economies, upcoming infrastructure improvements, great educational districts, and an influx of new businesses for you to choose as your next residential or investment destination.
Elgin
Located about 35 miles northwest of Chicago, Elgin is distinguished by its balance between urban convenience and commitment to preserve green spaces earning it the monicker, “City in the Suburbs.”
The dynamic job market of Elgin offers employment across a variety of industries. The foodservice giant Middleby and metal forgings company Bohler-Uddeholm are some of the major private employers with their base of operations here.
Palatine
Palatine is a quaint, family-friendly suburb on the outskirts of Chicago with a host of top-rated schools such as Stuart R Paddock, Marion Jordan, and Jane Addams Elementary. Offering a smooth commute to Chicago via I-290, you can get the best of both worlds with Palatine’s many bike paths, neighborhood parks, and forest preserves.
As per data compiled by Redfin, the average days on market for homes in Palatine saw a decrease YoY by almost 10%.
Source: https://www.redfin.com/
Schaumburg
Having a place of your own in Schaumburg comes with outstanding perks for your family – the Legoland Discovery Center houses kids’ rides, a 4D cinema, and the Ned Brown preserve which features kid-friendly paved trails and the Busse Lake.
If spacious properties with a view are to your liking, you can find vast ranch-style and waterfront homes in areas like Holmes Way and Brookston Drive.
Evanston
The city of Evanston is known for offering a suburban life with the added advantage of a short commute to work and higher average salary rates than most other parts of the country. While Evanston has plenty of opportunities for gainful employment within its city limits, it is also directly connected to Chicago through the Red and Purple metro lines in addition to scores of bus lines.
Out of the 36 public schools in Evanston, 23 have received a grade A or higher quality rating in the past. It has a thriving art and cultural scene and an extremely low crime rate.
Aurora
Aurora, 41 miles from Chicago, has a rich cultural heritage, a blend of urban amenities and suburban charm as well as a vibrant downtown area. Nature enthusiasts can thrive here, taking advantage of the Fox River Trail and a laundry list of well-maintained parks and ample other opportunities for outdoor recreation. According to Data USA, the median household income in Aurora, home to companies such as Caterpillar Inc., National Metalwares, and more, is $63,967, which is more than the national median.
Naperville
Naperville has recently been witnessing a confluence of cultures with new cuisines and multicultural entertainment experiences dotting the scene. Plans are in place for new state-of-the-art Japanese and Vietnamese concept restaurants and luxury entertainment centers with dining, drinking, and dancing inspired by South American and northern Caribbean influences.
Wheaton
With its extensive park system, tree-lined residential streets, historic homes, and a strong sense of community, moving to Wheaton comes with a high quality of life. Its downtown area features a charming combination of boutiques, restaurants, and cultural attractions.
Wheaton College is one of the highest ranked academic institutions in Illinois. The city hosts many events like the Wheaton Municipal Band summer concert, the Wheaton College Christmas Festival, and the Festival of Cultures.
Joliet
Joliet is the third largest city in Illinois with a population of 150,000 and is nicknamed “Crossroads of Middle America,” due to being at the intersection of several major highways such as I-55, I-80, and the historic Route 66. As per Redfin, the median sale price for a single-family home is $317,500 and for a townhouse it is $268,000. You can find homes under $200K in areas like Forest Park and Madison St. Moreover, the cost of living in Joliet is lower than the national average.
Hammond
This city is part of the state of Indiana, but is situated just across the Illinois border, about 28 miles from Chicago and is officially part of the Chicago metropolitan area. A recent spate of revitalization initiatives has led to the development of new commercial areas and improved infrastructure.
Hammond hosts its signature annual event, the Festival of the Lakes that attracts car lovers and fishing enthusiasts from across the nation, in addition to a series of boat shows and sailing regattas on Lake Michigan. The Lost Marsh Environmental Recreation area, a nature preserve, features a championship golf course.
Kenosha
About 60 miles from Chicago, located on the shores of Lake Michigan, lies Kenosha, Wisconsin. The city offers a unique array of lakefront properties and has a strong manufacturing-based economy with reasonable proximity to the formidable commercial markets of Chicago to the south and Milwaukee to the north. The city offers homes at a median sale price of $259,500. Cape Coral, Sarasota, and South Bend are some sought-after residential localities.
Our multifaceted exploration of these cities reveals comprehensive views of the real estate landscape across the greater Chicago ecosystem. Ultimately, the decision to own a home in any of these cities must be made only after consulting with a real estate expert and your own in-depth research and possibly in-person reconnaissance. Auction.com can help you by offering one of the l, across the several cities we mentioned and the rest of the country. Create an account to unlock the power of our superior technology platform for personalized property matches, granular filtering capabilities and unrivaled customer support in your property search.
Links To Helpful tools:
- Remote Bid™: The future of Foreclosure auctions. Browse, bid, and win select Foreclosure properties from anywhere with ease. Qualify for Remote Bid™ or meet with a specialist today.
- Frequently Asked Questions: Find answers to frequently asked questions from Auction.com users.
- Foreclosure Home Properties Help Center: Navigate through a Foreclosure auction with confidence using our quick access guide. Learn terminology and catch up on state requirements. We have tailored sections for Foreclosure and REO properties.
- Real Estate Auction Calendar: Find real estate auction events in your area. Filter by state, asset type, and date to get a list of properties near you, or search Auction.com to start a list of properties with our useful filters.
- What is Auction.com? Find out what auction.com can do for you.
- Start your search! Visit the Auction.com search page to find all our foreclosure & bank-owned homes
The information in this blog post is being provided for informational purposes only and not for the purpose of providing legal or real estate investment advice, and no liability is assumed by Auction.com, LLC. with respect to such information.
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