ZIP codes in California and New York took the top two spots, respectively, on PropertyShark's 2019 list of the most expensive U.S. ZIP codes. Chicago ranked lower, which means that the most upscale homes in that city, while still costly, are something of a bargain compared to some other locales.
PropertyShark uses year-to-date residential sales to determine the median sale price of each ZIP code nationwide and to determine the nation’s most expensive markets. No ZIP codes in the state of Illinois ranked among the nation’s top 100, but that does not mean there are no pricey areas in Chicago.
- California and New York are host to the most expensive U.S. zip codes, but Chicago offers residences in swanky neighborhoods at a much lower price.
- Chicago Loop offers the most expensive zip code with a median house price of $1.7 million.
- Other expensive neighborhoods in Chicago after Chicago Loop include Bucktown, Wicker Park, and Magnificent Mile; these are the top four in terms of home prices.
PropertyShark analyzed residential sales that occurred between January 1, 2019, and November 22, 2019. The results were based on the median sale price for each ZIP code. Overall, the median home value in Chicago is $242,601, according to Zillow. However, the Chicago Loop area is the ZIP code with the highest median home price at $1.7 million. Zillow has predicted that Chicago home values will rise by 3.1% in 2020.
Below are the 10 most expensive zip codes in the City of Chicago, according to PropertyShark. Median house prices and average days on the market were obtained from Redfin, and median household income was obtained from Incomebyzipcode.com
1.60603 – Chicago Loop
Median Price: $1.7 million
Average Days on Market: 187
Median Household Income: $151,765
2. 60614 – Bucktown
Median Price: $600,000
Average Days on Market:119
Median Household Income: $107,461
3. 60622 – Wicker Park
Median Price: $552,000
Average Days on Market: 112
Median Household Income: $93,988
4.60611– Magnificent Mile
Median Price: $490,000
Average Days on Market:151
Median Household Income: $$103,522
5.60602 – Chicago Loop
Median Price: $475,000
Average Days on Market:207
Median Household Income: $157,125
6.60642 – West Town
Median Price: $475,000
Average Days on Market:91
Median Household Income: $101,939
7. 60618 – Avondale
Median Price: $460,000
Average Days on Market: 85
Median Household Income: $73,810
8.60601 – Chicago Loop
Median Price: $448,000
Average Days on Market: 158
Median Household Income: $103,243
9.60657 – Belmont Harbor
Median Price: $375,000
Average Days on Market: 119
Median Household Income: $92,295
10. 60604 – Chicago Loop
Median Price: $314,000
Average Days on Market: 56
Median Household Income: $116,250
The Bottom Line
Chicago’s economy is centered around finance and insurance, manufacturing, printing and publishing, and food processing (the city is considered the candy capital of the United States). While there’s a history of rivalry between Chicago and New York City—Cubs vs. Mets, deep-dish vs. thin-crust pizza, Grant Park vs. Central Park—you’ll get a lot more house for your money in Chicago, even if you live in one of the Windy City’s most expensive ZIP codes.