Near West Side, Chicago, IL—60612
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Near West Side, Chicago, IL
As of Oct '25, the median home price in Near West Side, Chicago, IL is $343,000, with a year-over-year change of -1.7%. This indicates that home prices in Near West Side, Chicago, IL are decreasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $343,000 | -1.7% |
| Single Family | $421,000 | 3.2% |
| Condos | $316,000 | -0.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $252,000 | 4.6% |
2 Bed | $315,000 | 3.6% |
3 Bed | $368,000 | 3.7% |
4 Bed | $572,000 | 5.5% |
| 5 Bed | $736,000 | 4.5% |
% of Housing Stock
Rental Trends — Near West Side, Chicago, IL
As of July '25, Rentcast reports the average rent in Near West Side, Chicago, IL is $2,570, with a year-over-year rent change of 8.4%. Per bedroom, the median rent as of July '25 in Near West Side, Chicago, IL is studios: $2,090, 1-bedrooms: $2,280, 2-bedrooms: $2,670, 3-bedrooms: $2,630, 4-bedrooms: $3,490. The most common rental property sizes in Near West Side, Chicago, IL are 2-bedroom and 3-bedroom, accounting for 35.6% and 24.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,450 | $2,570 |
| Studio Rent | $2,220 | $2,090 |
| 1 Bed Rent | $2,400 | $2,280 |
| 2 Bed Rent | $2,730 | $2,670 |
| 3 Bed Rent | $2,400 | $2,630 |
| 4 Bed Rent | $2,900 | $3,490 |
% of Rental Stock
Property Listings — Near West Side, Chicago, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Near West Side, Chicago, IL is 37. This is a increase of 3.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 10.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $455,000 | 10.0% |
Listing Count | 82 | -21.0% |
| Listings as % of Homes | 0.6% | -21.0% |
Days on Market | 37 | 3.0% |
Demographics — Near West Side, Chicago, IL
As of the latest ACS Survey released in 2023, Near West Side, Chicago, IL has a population of 34,700, which has increased by 1.1% over the past 5 years. Near West Side, Chicago, IL is a moderately popular place for families, as children make up 20.6% of the population. The area has a moderately educated workforce, with 41.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 34,700 | 1.1% |
% Under 18 | 20.6% | -13.4% |
% Seniors | 11.0% | 20.9% |
% WFH | 15.0% | 111.3% |
% w/ College Degree | 41.3% | 18.7% |
As of the latest ACS Survey released in 2023, Near West Side, Chicago, IL is a predominantly black area, with 54.8% of the population identifying as black. The black population has shrunk by 9.4% in the last 5 years. The second most common race or ethnicity in Near West Side, Chicago, IL is white, making up 22.1% of the population. Foreign-born residents account for 10.2% of the population in Near West Side, Chicago, IL, and this percentage has increased by 4.1% 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 | 22.1% | 3.3% |
% Black | 54.8% | -9.4% |
% Hispanic | 16.1% | 30.9% |
% Asian | 4.9% | 6.5% |
% Foreign Born | 10.2% | 4.1% |
Mortgage and Risk — Near West Side, Chicago, IL
According to HUD data as of 2023, there were 450 mortgage originations in Near West Side, Chicago, IL, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 45.0% above 90% LTV (very high). This implies large mortgage risk in Near West Side, Chicago, IL. Investor activity is low, as 5.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 450 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Near West Side, Chicago, IL
As of 2024, the percent of homes in Near West Side, Chicago, IL under the Section 8 program is 33.8%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Near West Side, 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 | 4,565 |
Total Units Section 8 | 3,528 |
% Rentals under Section 8 | 33.8% |
% Occupied Section 8 | 88.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$810 | $2,400 | $1,590 |
| 2 Bedroom | -$940 | $2,730 | $1,790 |
| 3 Bedroom | -$100 | $2,400 | $2,300 |
| 4 Bedroom | -$200 | $2,900 | $2,700 |
Affordability — Near West Side, Chicago, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.7 |
| Median Home Price | $343,000 |
| Median Household Income | $60,500 |