Real estate in the Chicago suburbs is seeing similar trends to the rest of the U.S. There’s a shortage of more than 3 million homes, causing offers to multiply, competition to intensify, and, ultimately, prices to skyrocket. Home prices shot up nearly 20% in the last year – a record level. 

Here is a link to current houses for sale Chicago suburbs.

It’s seen homebuyers scrambling to secure property, but when the confetti settles, only some will be left holding valuable investments. 

Read on so that you can make decisions armed with a local real estate agent’s advice. 

Where to buy a home in the Chicago suburbs 

Two factors make a good house purchase: How well the home will serve you and your family and how likely it is to appreciate in value. 

When choosing an area to buy a house, you should look for:

• Planned developments and investments likely to increase desirability such as new hospitals, schools, shopping centers or infrastructure 
• Large employers expanding or moving into the area 
• Easy access to transport links including metra and dual access roads 
• Nearby conveniences such as grocery stores, schools and restaurants 
• Good public school systems (even if you don’t have children!) 

We’ve got our eye on these 9 suburbs in Chicago because they tick some or all of the boxes, showing signs that they’ll explode in value over the coming years. 

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6. Hoffman Estates

With multiple developments since 2020, including the $200million transformation of the former AT&T campus into a mixed-use coworking “metroburb”, Hoffman Estates is rapidly becoming known as the regeneration capital of Chicagoland. And where there are booming businesses, there are jobs. Where there are jobs, people will be buying up housing; all of which cues a good investment opportunity. 

Businesses flocking to the suburb and surrounding areas include Headline Solar, Somerset Development, Platinum Mortgage, and Microsoft’s $500m data center. What’s more, the village is accelerating the success of small businesses and workforces by partnering with Next Level Northwest and the Golden Corridor Advanced Manufacturing Partnership, as well as TIF investment and signing off on private investments for any neighborhoods lagging behind the curve. 

While making the grade for economic development, Hoffman Estates is still an affordable suburb that punches above its weight for community amenities. The average home value of $283,300 is well below the Chicago average – and people are catching on. Homes here stay on the market for just 38 days on average and receive 7 offers. The most popular properties can get up to 25 offers in a flash. It’s not hard to understand why. Just take a look at what Hoffman Estates has to offer in terms of parks, restaurants, schools, crime data, and the potential for rapidly appreciating house prices. 

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5. South Shore

The sun is set to rise on South Shore and Jackson Park with the completion of the Barack Obama Presidential Center, an $830 million development including a museum, a winter garden, a public library, and a community center. As well as bringing visitors, and jobs, and strengthening the South Shore as a cultural destination, the development is expected to result in appreciating homes and rents in the local area. Or, as Chicago Business puts it, the suburb is set to be the new frontline in the city’s fight against gentrification. 

With these rumors bubbling, homeowners in the area are likely to be rubbing their hands together. Historically, South Shore home prices are low, coming in at $90,250 in 2019 and only peaking at $200,000 during the pandemic growth spurt. If you’re willing to take a leap of faith, you could be one of the lucky buyers cashing in a significant investment in a few years’ time. The promise of South Shore is still little known – houses linger on the market and sell for an average of $160,000, which is almost half the Chicago average. 

There are a lot of upsides to homeownership on the South Shore. The Jackson Park Highlands area is a historic district full of distinct homes in Colonial and Renaissance Revival, as well as American Foursquare, which sit on lot sizes more typical to a suburb. South Shore residents appreciate the proximity of the suburb to downtown Chicago, which can be reached in under 30 minutes by public buses or 18 minutes by car. The neighborhood is just south of Hyde Park, which is ranked one of the best places to live in Chicago by niche.com; meaning popular restaurants, coffee shops, and parks are just a short distance away. 

We’re certainly interested to see how new developments will shape the future of South Shore and whether our predictions for the housing market will bear out – let us know what you think in the comments. 

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4. Aurora 

In Aurora, IL, house prices are low but steadily growing – which signals a good investment opportunity. The housing market here showed relatively minimal fluctuation over the last couple of years, indicating evergreen demand to live in this popular city of just under 200,000. Something else to consider is the city’s proximity to the ever-popular Naperville, where the increasingly fierce competition for the property will continue creating an overspill market in Aurora. 

Aurora is a promising option for landlords too, with a strong rental market that supports buy-to-let investments. Nearly 36% of residents in this city are renting and although the average rental price is a low $1,228, a modernized apartment in Aurora can easily rent well above the Chicago average. At any given time there are also usually only a couple of dozen apartments to rent in Aurora across different price points, which, for landlords, happily drives up rent and competition.

This suburb of Chicago is also a solid option for buyers looking for a new place to call home. Aurora is home to the top-performing school in Illinois, which is the Illinois Math and Science Academy, as well as several other high-rating schools and its own university. Click here to see the best High schools in the Chicago suburbs.

Though Aurora is a little further from Chicago, there are several large employers here, including Aurora University and OSI group. Aurora is a foodies city, with lots of popular humble eateries, coffee shops and bars. 

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3. Willowbrook 

One of the most significant factors that drive home prices is school districts. High-performing schools create competitive real estate, whose inflating prices then feedback into the school system via property taxes. But for the market-savvy home buyer, there is a secret loophole – Willowbrook. 

A portion of Willowbrook is served by Hinsdale Central, which is a small pocket south of the Ruth Country Club and North of Plainfield Rd and 67th Place. Admittedly, you won’t find homes here for the appealing Willowbrook average of $254,700 – instead, these properties start at $650,000. However, if you have the cash flow to make the investment, then there are several reasons it’s worth considering. 

You’ll have the opportunity to send your children to Hinsdale Central, meanwhile you’ll live in a Chicago suburb with one of the lowest municipal tax rates going. What’s more, the lot size of properties in Willowbrook is generous and that’s always worth considering when you make a property investment. After all, the property is a depreciating asset – it’s the land itself that goes up in value. 

If the Hinsdale Central region of Willowbrook is out of your reach, the rest of the suburb is still a great place to buy a home in the Chicago suburbs. Students attend Hinsdale South, which ranks highly among Illinoisian schools for its academics and athletics. What’s more, Willowbrook residents can take advantage of Downers Grove, Hinsdale and La Grange, all while paying a fraction of the house prices. In our opinion, it’s a steal. 

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2. Long Grove

We wouldn’t so much describe Long Grove as a savvy real estate investment as a solid one. Property here has been expensive for almost as long as we can remember. Though home values show normal seasonal fluctuation, the price to live in Long Grove is steadily creeping up, meaning this suburb isn’t a risky fad to put your money behind. The suburb is home to a brochure of A-rated schools, several prestigious country clubs, and historic and popular downtown. That’s why we believe that this peaceful and leafy suburb will always have a high appeal among affluent buyers seeking tranquility away from Chicago. 

A lot of real estate agents swear by the advice of buying the smallest home in the best area you can afford and we’d certainly recommend this approach to anyone wanting to stretch their budget to a dream suburb like Long Grove. While house prices here currently start at $450,000, you can buy dinky lots and land for under $100, 000. If you’re intrigued by this idea, you should check out our article on how much it costs to build a home in Illinois to see whether you could make Long Grove work for you. 

Long Grove was also on our list of the Wealthiest Suburbs of Chicago.

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1. Schaumburg

By now, we shouldn’t need to explain to you why Schaumburg’s status as the largest center of economic development in Illinois makes it a fantastic real estate opportunity. Business here is booming, and one of the latest developments is the 23-acre entertainment district which will include high-end recreation, dining, and lodging to draw in patrons of business and pleasure alike. Top Golf, Zurich, Motorola, and Sunstar Americas are just some of the big names bringing new trade and jobs to the suburb. 

In terms of desirability, Schaumburg ticks every item on the list. It’s connected to the bustling city of Chicago and the further reaches of the midwest and America by newly improved I-90 access, metra and pace buses, and the nearby O-Hare Airport. In general, Schaumburg is an up-and-coming place to be. It’s modern, it’s clean, and it’s packed with good food, great people, and things to do. It will inevitably have great appeal among Millenials, who are rapidly becoming the fastest-growing buyer demographic in America. 

Schaumburg was also featured on our 9 Best Suburbs of 2022.