Real Estate Numbers Up in Some Chicago Neighborhoods
The real estate market is best evaluated on a local basis if you want to get a true picture of what’s going on in the area. Most reports of housing market downturns are founded on nationwide statistics, so it is hard to gage whether they represent your region accurately. Even within a specific part of the country – Midwest, West Coast, New England, etc. – the real estate trends vary greatly from one town to the next.
Large cities often experience major differences in home sales depending on which part of the city you’re in. Like a microcosm of the entire country, a single urban center is made up of hot and cold real estate zones. Chicago is no stranger to this phenomenon and recent accounts have determined just which neighborhoods are selling the best in this Midwestern metropolis.
On a whole, Chicago has weathered the troubled real estate conditions fairly well, in comparison to other parts of the United States. Many analysts say Chicago didn’t get as swept up in the housing boom as places like Florida, California and Las Vegas, so it was spared a dramatic crash when things started to turn around. Still, within Chicago’s generally stable real estate market there are certain spots that are heating up, while others have slipped in home sales.
There was a news report this week on NBC5 that revealed specific stats about which Chicago neighborhoods are "hot" right now. The south side is taking a back seat to the north side for real estate activity with neighborhoods such as Lincoln Park and the West Loop at the forefront of home sales. According to experts, the average market time in Lincoln Park is just under 90 days and West Loop properties are selling after just 68 days, on average. That’s compared to 130 days for homes in south side Chicago neighborhoods.
In addition to shorter listing periods, single-family condo and townhouse sales also rose in the north and west side neighborhoods last quarter. In Lincoln Park, attached homes sales increased by 14% and West Loop residential real estate sales went up by more than 50 percent in the same period.
Those are strong figures supporting Chicago as a diverse community with individual pockets of real estate interest. Local agents are familiar with these intra-city trends and can help both buyers and sellers understand their area to achieve the best deal possible for what the specific market commands. Contact a Dream Town agent to find out what you can expect when searching for a home or selling property in a particular Chicago neighborhood.
Posted at 01:14PM Feb 13, 2008
by Spencer Mason in General
The areas that are going to slow are those areas that were being shopped by those only qualifying for sub-prime loans. There is still hope for those with income, a clean credit history, and a need for housing.
Keep your credit rating up and get a Chicago home inspection before you close.
Posted by Martin Trucco on February 20, 2008 at 10:40 AM CST #