Home News Chicago neighborhoods where home prices have grown the most

Chicago neighborhoods where home prices have grown the most

by admin
0 comment

“Importantly, people started moving here because our school (Joseph Sears) remained open throughout the pandemic,” said John Mawicke, an international real estate agent at @propertiesChristie, who specializes in Kenilworth. say. “They talked to their friends, and it became an add-on effect, a stable flow.”

It’s not just Kenilworth. Other major beneficiaries of the housing boom include Woodlawn and South Shore on Chicago’s South Side, and Park Forest and Soak Village on the south suburbs. These are all places where prices continued to rise rapidly in 2022, a time when prices slowed from the rapid growth of 2021.

Crain’s found 15 places where home prices rose the most in the two and a half years since the pandemic began, and low interest rates ignited a national housing boom. Median homes sold rose 27.3% from early 2020 to mid-2022 across the metropolitan areas of the nine counties, according to data from the state-wide expert association Illinois Realtors. At 15 locations on our list, the increase was more than 50%.

Crain delves into data for all of Chicago’s neighborhoods and suburbs, with median homes sold in late 2019 and early 2020, just before COVID changed everything, and sold in early 2022, just finished. We compared the median values ​​of the houses. Data edited by the Chicago Real Estate Association, Midwest Real Estate Data, and View Time covers 77 designated community areas and approximately 125 suburbs in the city in Cook, DuPage, Lake, and Will counties. increase. In the city, the report categorizes the data into sales of single-family homes (or single-family homes) and sales of single-family homes (condominiums and townhouses). Therefore, the city will be 154 different markets. Crain’s has eliminated the market for less than 25 units sold in the first half of 2022. This is because the smaller the number, the more exaggerated the impact of price changes.

These numbers, for example, do not necessarily mean that every Woodloan home is worth 242% of its value in early 2020.A series of Woodloan’s new construction project It has gradually risen to the top of the market for several years.

The median price is the median list of all selling prices for that location. This may reflect a shift in purchases to high-end products, such as wood loans, or a shift in purchases to low-end products. Nonetheless, given that the median is rising everywhere, the oversized increase in this list reflects the oversized impact of the boom on these 15 locations.

This is a list of locations, median home prices in the first half of 2022, and the rate of increase they represent from early 2020. The condominium / townhouse market did not make it to the city’s neighbor list.

City neighborhood
Wood Loan: $ 478,500, up 242%
West Englewood: $ 125,000, up 178%
South Shore: $ 250,000, up 139%
North Lawndale: $ 201,000, up 83%
Roseland: $ 176,277, up 80%
Near the north: up 73% to $ 2.1 million
East Side: $ 200,000, up 56%
Albany Park: $ 607,500, up 51%

Suburbs
Soak Village: $ 131,000, up 118%
Park Forest: $ 136,500, up 95%
Markham: $ 150,000, up 87%
University Park: $ 183,500, up 77%
Kenilworth: 66% increase to $ 2.1 million
South Holland: $ 232,850, up 60%
Glencoe: 60% increase to $ 1.35 million

On the South Shore, Shirley Amico said that this increase was primarily, Jackson Park Highland, A luxury residential excursion just south of the Jackson Park Golf Course. In 2021, Amiko represented Euclid Avenue House It sold in 4 days and was $ 810,000.

“It was always close to the golf course, the beach (at the South Shore Cultural Center), and the harbor (Jackson Park),” Highland said. “It’s an island with no shopping streets and a strong sense of community.” Recently, she said: Tiger Woods Golf Course, People are even more interested in Highlands. “

Of course, sharp price increases are good news for sellers, but they are difficult to buy. Tom Cummings, an agent at Keller Williams Preferred Realty, based in northwestern Indiana, represented a customer who went shopping this spring at Sauk Village in southern Cook County, near the state border.

“These buyers were having a hard time securing a home,” said Cummings, mainly due to soaring prices and fierce competition for limited inventories. They saw a four-bedroom home on Spencer Avenue hit the market in late March for $ 120,000 and raided.

The house signed a contract with a Cummings customer in four days and was sold for $ 128,000 in May. This is 6.6% of the asking price.

Exceed the asking price The standard for the housing boom in the pandemic era, However, according to MRED, over the last 18 months, home sales in Soak Village have averaged around 2%. These buyers had to reach higher.

You may also like