South Shore, Chicago, IL—60649
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Shore, Chicago, IL
As of Oct '25, the median home price in South Shore, Chicago, IL is $137,000, with a year-over-year change of -6.9%. This indicates that home prices in South Shore, Chicago, IL are decreasing. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $137,000 | -6.9% |
| Single Family | $171,000 | -2.8% |
| Condos | $107,000 | -10.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $87,000 | -1.1% |
2 Bed | $117,000 | -2.5% |
3 Bed | $159,000 | -3.0% |
4 Bed | $216,000 | -0.9% |
| 5 Bed | $317,000 | -0.9% |
% of Housing Stock
Rental Trends — South Shore, Chicago, IL
As of July '25, Rentcast reports the average rent in South Shore, Chicago, IL is $1,470, with a year-over-year rent change of 3.5%. Per bedroom, the median rent as of July '25 in South Shore, Chicago, IL is studios: $874, 1-bedrooms: $1,200, 2-bedrooms: $1,450, 3-bedrooms: $1,820, 4-bedrooms: $2,130. The most common rental property sizes in South Shore, Chicago, IL are 1-bedroom and 2-bedroom, accounting for 39.1% and 30.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,410 | $1,470 |
| Studio Rent | $860 | $874 |
| 1 Bed Rent | $1,150 | $1,200 |
| 2 Bed Rent | $1,400 | $1,450 |
| 3 Bed Rent | $1,800 | $1,820 |
| 4 Bed Rent | $1,850 | $2,130 |
% of Rental Stock
Property Listings — South Shore, Chicago, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in South Shore, Chicago, IL is 45. This is a decrease of -4.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $144,000 | -21.0% |
Listing Count | 124 | -6.0% |
| Listings as % of Homes | 0.4% | -6.0% |
Days on Market | 45 | -4.0% |
Demographics — South Shore, Chicago, IL
As of the latest ACS Survey released in 2023, South Shore, Chicago, IL has a population of 48,700, which has increased by 5.9% over the past 5 years. South Shore, Chicago, IL is a moderately popular place for families, as children make up 21.2% of the population. The area has a moderately educated workforce, with 25.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 48,700 | 5.9% |
% Under 18 | 21.2% | -7.0% |
% Seniors | 16.9% | 18.2% |
% WFH | 10.3% | 128.9% |
% w/ College Degree | 25.2% | 2.0% |
As of the latest ACS Survey released in 2023, South Shore, Chicago, IL is a predominantly black area, with 92.1% of the population identifying as black. The black population has shrunk by 0.9% in the last 5 years. The second most common race or ethnicity in South Shore, Chicago, IL is white, making up 3.2% of the population. Foreign-born residents account for 3.5% of the population in South Shore, Chicago, IL, and this percentage has decreased by 16.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 3.2% | 10.3% |
% Black | 92.1% | -0.9% |
% Hispanic | 2.7% | 3.8% |
% Asian | 0.5% | 25.0% |
% Foreign Born | 3.5% | -16.7% |
Mortgage and Risk — South Shore, Chicago, IL
According to HUD data as of 2023, there were 226 mortgage originations in South Shore, Chicago, IL, of which 63.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in South Shore, Chicago, IL. Investor activity is low, as 9.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 226 |
% Conventional Loans | 63.0% |
% Government Loans | 37.0% |
% Investor Loans | 9.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — South Shore, Chicago, IL
As of 2024, the percent of homes in South Shore, Chicago, IL under the Section 8 program is 27.2%. 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 South Shore, Chicago, IL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 5,238 |
Total Units Section 8 | 4,861 |
% Rentals under Section 8 | 27.2% |
% Occupied Section 8 | 87.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $180 | $1,150 | $1,330 |
| 2 Bedroom | $100 | $1,400 | $1,500 |
| 3 Bedroom | $130 | $1,800 | $1,930 |
| 4 Bedroom | $410 | $1,850 | $2,260 |
Affordability — South Shore, Chicago, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $137,000 |
| Median Household Income | $40,100 |