The Chicago Neighborhoods Where Townhome Prices Hold
Real estate prices for attached properties are showing stabilization from last summer in a few Chicago neighborhoods. . .
Chicago is a city of over 170 different neighborhoods. All of which are their own microcosms with their own housing markets and price trends. And whether you are buying orselling a home in Chicago, you’re probably interested in knowing where real estate prices are starting to rebound around the city.
Just as real estate professionals pull stats from Midwest Real Estate Data (MRED), Chicago Magazine gets info from MRED to report on trends in the local market. This month, the online magazine published the percent change for home prices in several Chicago neighborhoods. The article focused only on those communities with 75 or more sales of condos, townhomes and other attached residential properties since June 30, 2010. Of the neighborhoods, theNear North Side had positive home price increases and Lakeview and West Town were basically level for the period.
In the Near North Side, sale prices for condos and townhomes were up 10.7% since the end of June last year. This Chicago neighborhood is full of fairly recently-built condos and hip residential high-rises, plus studio lofts, historic homes and walk-up flats. The housing stock coincides with the area’s popular dining district, bar scene and signature shops, which draw a constant flow of interest to the neighborhood. Located outside the Loop yet still connected by multiple CTA “L” lines, the Near North Side is a good alternative for those who want the downtown feel but need a little more space.
Sale prices for condos and townhomes in Lakeview were pretty much unchanged since June 30, 2010. This North Side neighborhood has always been in high demand for real estate and the properties there continue to hold value as compared to many of the surrounding communities. Part of Lakeview’s attraction is its proximity to the lake. It also has a thriving restaurant and shopping district. While condo and townhomes prices did not shoot up like in the Near North Side, they did show a miniscule uptick (of two/tenths of a percent).
Average sale price for attached residential real estate in West Town was down less than one percent for the year. It only dipped o.28% since June 30, 2010, indicating another market with signs of annual price stabilization. The West Town area is comprised of several Chicago neighborhoods—namely the ones west of the Chicago River to Kedzie Avenue and north of Kinzie Street to Bloomingdale Avenue (two blocks north of North Avenue). Some of its most desirable communities to live in are Wicker Park and Ukrainian Village, which both boast healthy commercial corridors with boutique storefronts, cafés, bars and trendy eateries.
The Near North Side, Lakeview and West Town are three niches where attached home values showed a leveling out from June 30, 2010 to July 1, 2011. Of course, it will take some time before we can see whether prices continue to hold in these areas of Chicago for the long-term.