Chicago-Naperville-Elgin, IL-IN-WI

There is no doubt that the Chicago-Naperville-Elgin, IL-IN-WI metropolitan statistical area (MSA) is one of the most desirable places to live in the United States. The MSA has a population of over 9.5 million people and is home to some of the nation's most iconic landmarks, including Soldier Field, Wrigley Field, and Millennium Park. The MSA is also home to a thriving economy and a diverse array of cultural attractions.

The housing market in the MSA has been strong in recent years, thanks in part to the region's strong economy. The median home price in the MSA was $265,000 in 2017, up 5.6% from 2016.1 Home sales have also been on the rise, reaching a five-year high in 2017.2

There are several factors that are driving demand for housing in the MSA. First, job growth has been strong in recent years. Between 2015 and 2016, the number of jobs in the MSA increased by 2.7%.3 This is good news for potential homebuyers who have secure employment and are looking for a place to call home.

Second, there has been an influx of young adults moving to the MSA in recent years. Between 2010 and 2016, the number of 25-34 year olds living in the MSA increased by 8%.4 This age group is typically more likely to buy a home than older age groups. As more young adults move into the area, demand for housing will continue to increase.

Third, many families are choosing to move out of downtown Chicago and into suburban areas like Naperville and Elgin due to rising crime rates and concerns about safety downtown.5 This trend has helped drive up demand for housing in these suburban areas as families look for safe places to raise their children.

Overall, there are many positive trends affecting the housing market in Chicago right now that should continue into 2018 and beyond