Looking for Hot Chicago Neighborhoods? How About Portage Park and Belmont Cragin?
Where are the hottest neighborhoods in Chicago today to sell a condominium or single-family home? It might not be where you expect, according to a recent story by Crain’s Chicago Business.
Crain’s reported that homes are selling especially quickly, and in large volume, in the Northwest Side neighborhoods of Portage Park and Belmont Cragin. These are two strong city neighborhoods, of course. But they don’t always receive the hype of neighborhoods such as Lincoln Square and Lake View.
According to Crain’s, home sales in the Portage Park neighborhood hit 353 in the first seven months of this year. That’s up 30 percent from the 271 home sales listed in this neighborhood during the first seven months of 2015.
Sales have been equally as strong in the Belmont Cragin neighborhood. Crain’s reported that sales in this neighborhood jumped by about 26 percent, with 239 homes selling here during the first seven months of 2016.
At the same time, homes are selling quickly in these two neighborhoods. According to Crain’s, homes in Belmont Cragin, for instance, sold on average 31 days quicker in the first seven months of 2016 than they did during the same time period one year earlier. Crain’s reports that the average home sold in 79 days in both Portage Park and Belmont Cragin.
Crain’s, citing numbers from the Chicago Association of REALTORS, said that across the city, home sales jumped 1.9 percent in the first seven months of the year. It’s a good sign when home sales do rise. But that increase of 1.9 percent is a far smaller one than what sellers are enjoying in Belmont Cragin and Portage Park.
What makes those two Chicago neighborhoods so hot today? The prices of the homes here might be playing a key role. In Belmont Cragin, homes sold in the first seven months of the year fetched an average sales price of $225,000. In Portage Park, that number stood at $279,950. These figures are far lower than in many other hot Chicago neighborhoods.