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Des Plaines Real Estate - The Real Estate Market in Des Plaines, Illinois

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The town of Des Plaines boasts approximately 58,000 people, of which many work in nearby Chicago. Des Plaines is probably best known for its close proximity to O’Hare International Airport. With a total area of 14.4 square miles and a population density of just under 4,000 people per square mile, there are many opportunities for prospective home buyers to take advantage of in the Des Plaines, Illinois area.

The median asking price for a vacant house in Des Plaines is approximately $290,000. What home buyers eventually end up paying when a deal is reached is right around the $175,000 mark. This is a $100,000 difference from 2005 when median selling prices on homes were $275,000. However, the current state of the housing market has rendered home prices to fall to much lower levels. If you are looking for a rental property in Des Plaines, be it an apartment or condominium, you can expect to pay about $950 per month for your rent.

The average home in Des Plaines consists of three bedrooms, one-and-a-half bathrooms, and 1,900 square feet. With these figures, you can estimate paying $169 per square foot for your home. For the aforementioned rental price, you will receive either one or two bedrooms,one bathroom, and 750 square feet. The average renter, then, is paying about $1.25 per square foot every month. Most of the houses in the Des Plaines area were built somewhere between 1950 and 1970 when the city of Chicago was really experiencing an economic boom.

As for home value distributions, most homes are somewhere in the $250,000-$500,000 range while the standard apartments range in rental costs from $750 to $1,250. The main attraction for Des Plaines residents is the short amount of travel time to Chicago. As many people make the commute everyday to Chicago for work, travel times can be anywhere from 30 minutes to over 90 minutes long depending on the amount of traffic also commuting at that particular time.

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