Chicago area’s five hottest housing zones heat up with buyer demand

The Chicagoland housing market has some bright spots despite nationwide slowdowns, according to the Chicago Business Journal. ZIP code 60043 in Kenilworth topped the list as the hottest housing market in the Chicago-Naperville-Elgin metro area during the third quarter.

The Business Journal conducted a detailed analysis using listing and sales data from Intercontinental Exchange Inc. to identify these thriving markets. The ranking system uses a special formula that looks at quarterly and yearly data to find areas where home sales are moving fast and prices are climbing.

How markets were ranked

The study focused on specific criteria to identify the hottest markets, as reported by the Chicago Business Journal. Only ZIP codes with complete data, an average sales price of at least $425,000, and a minimum of 10 sales during the quarter made it into the ranking. The journal explained that this approach highlights areas with rising activity and faster sales rather than simply the most expensive neighborhoods. The ranking emphasizes momentum in sales and pricing trends rather than just high prices or large sales volumes.

National housing trends

While many areas across the country have seen home sales slow down, certain markets remain strong, the Chicago Business Journal noted. New Concord, Ohio, claimed the top spot nationally, with ZIP code 43762 in the Zanesville metro area.

According to the publication's data, this area saw sales-price momentum surge by 479 percent over five years. The average sale price in New Concord reached $969,990, while the average list price was $275,857. The top 10 hottest markets nationally averaged $1.3 million in sale prices, significantly higher than the national average of $515,977 for the third quarter.

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Market activity remains steady

Despite various challenges facing the housing industry, market activity has stayed relatively stable nationwide, as the Chicago Business Journal reported. The national average for days on the market barely changed, moving from 84 days in the second quarter to 85 days in the third quarter. The publication noted that some frustrated sellers in slower markets have chosen to delist their homes rather than accept major price reductions. However, plenty of hot housing markets continue to exist both locally in Chicago and across the nation, showing that buyer demand remains strong in select areas.