South Loop, Chicago, IL—60605
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Loop, Chicago, IL
As of Oct '25, the median home price in South Loop, Chicago, IL is $321,000, with a year-over-year change of -1.9%. This indicates that home prices in South Loop, Chicago, IL are decreasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $321,000 | -1.9% |
| Single Family | $630,000 | -1.3% |
| Condos | $310,000 | -0.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $272,000 | 0.0% |
2 Bed | $425,000 | -1.2% |
3 Bed | $755,000 | -0.5% |
4 Bed | $1,081,000 | -1.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — South Loop, Chicago, IL
As of July '25, Rentcast reports the average rent in South Loop, Chicago, IL is $2,860, with a year-over-year rent change of -2.1%. Per bedroom, the median rent as of July '25 in South Loop, Chicago, IL is studios: $2,110, 1-bedrooms: $2,520, 2-bedrooms: $3,480, 3-bedrooms: $5,460, 4-bedrooms: $7,060. The most common rental property sizes in South Loop, Chicago, IL are 1-bedroom and 2-bedroom, accounting for 48.3% and 27.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,600 | $2,860 |
| Studio Rent | $2,080 | $2,110 |
| 1 Bed Rent | $2,450 | $2,520 |
| 2 Bed Rent | $3,360 | $3,480 |
| 3 Bed Rent | $5,400 | $5,460 |
| 4 Bed Rent | $8,000 | $7,060 |
% of Rental Stock
Property Listings — South Loop, Chicago, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in South Loop, Chicago, IL is 37. This is a decrease of -3.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $381,000 | -3.0% |
Listing Count | 204 | -4.0% |
| Listings as % of Homes | 0.9% | -4.0% |
Days on Market | 37 | -3.0% |
Demographics — South Loop, Chicago, IL
As of the latest ACS Survey released in 2023, South Loop, Chicago, IL has a population of 34,300, which has increased by 24.5% over the past 5 years. South Loop, Chicago, IL is a less popular place for families, as children make up 8.8% of the population. The area has a highly educated workforce, with 82.0% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 29.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 34,300 | 24.5% |
% Under 18 | 8.8% | 7.3% |
% Seniors | 12.0% | 29.0% |
% WFH | 29.4% | 332.4% |
% w/ College Degree | 82.0% | 5.9% |
As of the latest ACS Survey released in 2023, South Loop, Chicago, IL is a predominantly white area, with 49.9% of the population identifying as white. The white population has shrunk by 12.9% in the last 5 years. The second most common race or ethnicity in South Loop, Chicago, IL is asian, making up 18.0% of the population. Foreign-born residents account for 22.6% of the population in South Loop, Chicago, IL, and this percentage has increased by 10.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 49.9% | -12.9% |
% Black | 15.8% | -8.1% |
% Hispanic | 12.2% | 110.3% |
% Asian | 18.0% | 11.8% |
% Foreign Born | 22.6% | 10.8% |
Mortgage and Risk — South Loop, Chicago, IL
According to HUD data as of 2023, there were 572 mortgage originations in South Loop, Chicago, IL, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in South Loop, Chicago, IL. Investor activity is low, as 3.0% of loans were by investors. 2.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 572 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 3.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 2.0% |
Loan Activity
Rentals and Section 8 — South Loop, Chicago, IL
As of 2024, the percent of homes in South Loop, Chicago, IL under the Section 8 program is 7.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In South Loop, Chicago, IL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 882 |
Total Units Section 8 | 882 |
% Rentals under Section 8 | 7.3% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$110 | $2,450 | $2,340 |
| 2 Bedroom | -$720 | $3,360 | $2,640 |
| 3 Bedroom | -$2,010 | $5,400 | $3,390 |
| 4 Bedroom | -$4,020 | $8,000 | $3,980 |
Affordability — South Loop, Chicago, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $321,000 |
| Median Household Income | $118,000 |