As 2024 progresses, the housing market in Chicago’s suburbs continues to experience steady growth, with home values maintaining upward momentum despite broader economic uncertainty. Over the past year, many suburban areas have seen increased demand due to a desire for more space, work-from-home flexibility, and a continued preference for communities outside the city core.

In suburbs like Naperville, Evanston, and Schaumburg, home values have risen approximately 5-7% over the last year, driven by low inventory and sustained buyer interest. The appeal of strong school systems, safer neighborhoods, and access to green spaces keeps attracting families and young professionals.1

Looking ahead into 2025, real estate experts predict that home values in Chicago suburbs will continue to increase, albeit at a slower pace due to interest rates and inflation pressures. While the market may not see the double-digit appreciation of the pandemic years, demand in prime suburbs is expected to remain strong. Home values could grow by another 3-5% as buyers continue to prioritize suburban living.

Key drivers for this trend include ongoing demand for single-family homes, increasing investment in suburban infrastructure, and new developments offering more amenities. However, potential challenges include affordability concerns for first-time buyers, inventory shortages, and economic shifts that could cool demand.

For those considering selling or buying in 2025, now may still be an opportune time to enter the market before values peak.