Once considered a resort for Chicagoans looking to escape the hustle of the city, Edgewater is becoming once again a place for luxury. In the past few years, the sale of luxury homes in the neighborhood has increased from nine home sales over $1 million in 2015 to 29 in that bracket in 2016. 

Trends are showing that luxury home sales in Edgewater are expected to climb again this year, according to Midwest Real Estate Data (MRED). In 2016, Crain’s Chicago Business reported on the booming luxury real estate market in all parts of Edgewater, including Lakewood-Balmoral, Andersonville, and West Andersonville.

“The luxury housing market in Edgewater, especially over the last couple of years, has seen heights it hasn’t before,” Nate Brecht, a Redfin real estate agent and 10-year resident of the neighborhood told Chicago Magazine.

Homebuyers began to look to the neighborhood after prices started to rise around $211-per-square-foot in Lakeview in 2012. At the time, Edgewater prices were around $98-per-square-foot. Home prices have increased with the demand to $178-per-square-foot as of this March.

Among the reasons for the surge in luxury home sales are the surging prices in more southern neighborhoods like Lincoln Square, Lincoln Park, and North Center, as well as the oversized lots common in Edgewater. The community is home to a large percentage of lots deeper or wider than the standard 25-foot by 125-foot space.

The 15-year vacant Edgewater Medical Center buildings are also making way for more residential property. Demolition started on the property mid-March and is expected to be completed by fall. The development firm MCZ Development is planning homes, apartments, a park, and on-site parking.

With the Edgewater Metra Station still promised for the near future, the community has a lot to offer. Four CTA Red Line stops, numerous bus lines, and direct access to the lakefront path and public beaches are just a few draws to the near-northernmost part of the city.