Where You Can Find a Spacious House for $500,000 in Illinois
While a mansion might be out of reach at this price, you can still find nearly 3,000 square feet of living space if you're willing to commute a bit further from the city.
North: Round Lake
Median Sale Price: $327,000
Five-year Increase: 47%
Located closer to the Wisconsin border than downtown Chicago, Round Lake offers a lot of room for remote workers. In this town of over 18,000 residents, many homes are relatively new, with a median construction year of 2003, and 35% have at least four bedrooms. Recent sales include a 3,600-square-foot four-bedroom home for $449,000 and a 3,700-square-foot four-bedroom home with a remodeled kitchen for $460,000. However, the tradeoff is a Metra ride of over 90 minutes to Union Station on the Milwaukee District North line.
South: Olympia Fields
Median Sale Price: $339,000
Five-year Increase: 59%
Olympia Fields, a small town with fewer than 5,000 residents, offers spacious homes at reasonable prices. Over half the homes here have at least four bedrooms, and many come with large lots. A recent sale included a 4,000-square-foot five-bedroom home on a full acre for $480,000. Although most homes were built between 1940 and 1999, you can find renovated properties, like a 2,900-square-foot four-bedroom home with a modern kitchen and finished basement that was listed for $415,000.
Southwest: New Lenox
Median Sale Price: $425,000
Five-year Increase: 42%
New Lenox offers a mix of suburban and rural living just 50 minutes from Chicago on Metra’s Rock Island line. With 41% of homes having at least four bedrooms, space is abundant. Recent listings include a 3,700-square-foot home for $498,500. There is also ongoing development, such as the Darby Farm community by M/I Homes, where $500,000 can get you nearly 3,000 square feet and four bedrooms. The town is family-friendly, with plans for a new museum and a 100-acre sports complex.
West: Oswego
Median Sale Price: $418,000
Five-year Increase: 44%
Oswego, a village of 36,000 spanning Will and Kendall Counties, offers four-bedroom homes around 3,300 square feet for about $500,000. Despite being nearly 50 miles from downtown Chicago, it has seen significant growth. The historic downtown along the Fox River adds charm, and future plans include a Metra extension into Kendall County and a professional cricket stadium, which could increase the town's appeal even further.
