Chicago Real Estate: The November Digest
While at an event for the group Open Mic Chicago, Kanye West announced to the crowd he’s moving back to Chicago. But the rapper with Windy City roots isn’t the only one interested in finding a place to settle down in the city. If you’re one of the many homebuyers searching Chicago’s neighborhoods for a place to call home, here are three things to know about the current housing market.
Home Values Still Climbing Back from the Recession
Data from Case-Schiller Home Price Indices shows that just 23 of 187 Chicago zip codes have home values that have exceeded their pre-recession peaks, according to The Real Deal. The three zip codes with the highest gain from the last home value high include 60622, 60610, and 60616, according to the report.
The 60622 zip code covers parts of Wicker Park and Ukrainian Village. Home prices in the area have soared 80 percent above their last high point, according to The Real Deal report. Right now, the median home sale price is in the low $500s in Wicker Park with an average price of $350 per square foot, according to Neighborhoods.com data. The median home sale price in Ukrainian Village is in the high $400s with an average price per square foot of $332. Homes in both neighborhoods are snapped up pretty quickly, with an average of 75 days on the market in Wicker Park and 79 days in Ukrainian Village.
The 60610 zip code touches on both Old Town and the Gold Coast, both with reputations as affluent neighborhoods with coveted locations close to downtown. Home prices are 18 percent above the last peak, The Real Deal reports. The median price in Old Town is in the mid $300s and the Gold Coast is in low $400s. When it comes to price per square foot, the Gold Coast has average of $417, while Old Town has an average of $367. Buyers tend to nab homes a little faster in Old Town (average of 79 days on the market) than in the Gold Coast (average of 109 days on the market).
The 60616 zip code spans parts of three different neighborhoods: Bridgeport, Chinatown, and the Near South Side. Home prices here have gone up 14.4 percent since their last high point, according to The Real Deal. Compared to the other two zip codes with the highest post-recession price recovery, 60616 is generally more reasonably priced. Bridgeport has a median sale price in the mid $300s with an average of $215 per square foot. Chinatown has a median sale price in the high $200s with an average of $276 per square foot. On the Near South Side, you’ll find a median sale price in the high $300s with an average of $354 per square foot. Homes go the fastest in Chinatown (average of 81 days on the market), followed closely by the Near South Side (average of 89 days on the market), and then Bridgeport (average of 112 days on the market).
Plenty of Options for Homebuyers in Lakeview and Lincoln Park
If you’re looking for options, Lakeview and Lincoln Park have the most homes on the market. Lakeview has 624 homes for sale, and Lincoln Park has 501 homes for sale—the most homes for sale in Chicago, as of this writing. The neighborhoods, next door to one another, attract homebuyers for their lakefront views and amenities. Those appealing features translate into higher home prices and shorter time on the market.
In Lakeview, the average home price is in the low $400s with an average price of $303 per square foot. In Lincoln Park, the average home price is in the mid $500s with an average of $454 per square foot. Buyers snag homes in average of 81 days in Lakeview and 83 days in Lincoln Park. If you want to live within walking distance of Wrigley Field and Lake Michigan (possible in Lakeview) or Lincoln Park Zoo and the lake (possible in Lincoln Park), you’ll likely need a to act quickly with a budget on the higher end. That being said, homebuyers have plenty of options to consider.
Reasonable Prices and New Construction in Edison Park
While some of Chicago’s pricier neighborhoods demand attention this month, they’re hardly the only option of homebuyers. Edison Park is a North Side neighborhood that has enough distance from downtown to create a somewhat suburban aesthetic without losing the distinctly urban flavor of the city. The neighborhood has a median home sale price in the mid $300s and an average price per square foot of $223. Homebuyers will find a mix of single-family and attached homes on the market. When it comes time to buy, homes spend an average of 86 days on the market.
While the overall pricing in Edison Park is reasonable, the neighborhood is gaining attention for new construction. This year, three new Edison Park homes sold for more than $900,000 apiece, according to Crain’s Chicago Business. New construction is popping up where older bungalows and farmhouses used to stand in the neighborhood, according to another report from Crain’s.
If you’re curious about the neighborhood vibe, Edison Park frequently tops the list of family-friendly Chicago neighborhoods. The neighborhood has the 10-acre Olympia Park and the smaller Monument Playlot Park and Brooks Park. Plus, the neighborhood gives families access to multiple elementary schools, a middle school, and four high schools.
While the parks and schools give Edison Park its suburban feel, the neighborhood also has plenty of amenities to please adamant city dwellers. For example, Edison Park has its own restaurant row along Northwest Highway. You’ll find Café Touché (a French bistro), Mecca Supper Club (a Northwoods of Wisconsin-influenced eatery), Don Juan’s (a Mexican restaurant), Zia’s Trattoria (an Italian restaurant), and Edison Park Inn (a neighborhood pub) all within walking distance of one another.
Right now, there are 53 homes for sale in Edison Park, according to Neighborhoods.com.
Readers Are Looking at Far North and South Side Neighborhoods
Recently, Neighborhoods.com users were looking at neighborhoods on both the far North Side and South Side of the city. Northern neighborhoods Edgebrook and Rogers Park garnered a lot of attention, while readers were also looking at Beverly on the South Side. While fairly far apart, all three neighborhoods share a common ambiance. Located miles from the city center, Edgebrook, Rogers Park, and Beverly have plenty of open space and a more suburban feel while still existing within the city limits. When it comes to neighborhoods closer to downtown, readers’ interest was drawn to Bronzeville and Lincoln Park.