2008 Prices Up in Some Chicago Neighborhoods
Certain parts of Chicago have withstood the widespread bout of price declines that is happening across the country. As the Sunday Chicago Tribune reported, there are a handful of Chicago neighborhoods that showed significant increases in median condo and townhome sales price from 2007 to 2008. The areas where price jumps occurred are not surprising—they are well sought-after locations to buy homes in the city, such as Lincoln Park and Lakeview. These communities are well-established, close to the lake, packed with amenities, and have an extensive variety of properties.
According to the data, Lincoln Park median sale prices for condos and townhouses climbed to $420,000 in 2008 from $414,328 in 2007. In Lakeview, prices were up $15,000 from the previous year to $347,500 (was $332,500 in ’07). Other neighborhoods with price gains were the Near North, North Center and Lincoln Square.
The Near North is close to the Loop, has a lot of new construction condos, and offers a balance between downtown living and residential luxury. It’s a sophisticated neighborhood with a growing dining scene and high-end residences. Since 2007, the median attached home sales price here has climbed from $391,285 to $414,541. On the far North Side, median sale prices went from $275,950 to $305,000 in Lincoln Square. This neighborhood is getting more popular by the year. Its quaint German heritage vibe and affordable homes is a big draw to many families.
North Center has experienced just a slight appreciation in median home sale prices, from $381,000 in 2007 to $385,000 in 2008. This is an older neighborhood on the rise again. The area boasts strong community spirit exhibited by annual street fairs, sidewalk sales, plaza concerts, and themed festivals that attract people from all over the city, such as RibFest and BenFest.
Posted at 03:38PM Jan 26, 2009 by Spencer Mason in General Comments[1]
Only one neighborhood experienced an increase in the number of sales AND an increase in the median sale price: Near South Side.
This peculiar neighborhood has the highest percentage of homes sold being new construction.
I took the same data that the Trib uses and looked at all home sales (MLS and otherwise) between 2002 and 2008, comparing new vs. existing and attached vs. detached, for each of the 77 neighborhoods. Any reader or real estate professional interested in this type of data can contact me and I'd be happy to share of what I found.
Posted by Jeff Baird on February 11, 2009 at 04:33 PM CST #