Working-Class Chicago Neighborhoods Becoming New Real Estate Hot Spots
One of the things that makes Chicago such a great place to live are its varied neighborhoods. Stroll through the city and you’ll find neighborhoods perfect for empty nesters, young families, singles and everyone in between.
That’s why I’m not surprised by a recent Crain’s Chicago Business feature story detailing the newest real estate hot spots in the city: the neighborhoods of Wicker Park, Logan Square and Avondale on the North Side along Chicago’s Milwaukee Avenue corridor.
The Crain’s story presents some compelling numbers. Citing data from the Chicago Association of REALTORS, the story says that home sales in the city through the end of July were up 9.9 percent when compared to the same period a year earlier. That’s good. But in the neighborhoods of West Town, Logan Square and Irving Park, home sales were up 17 percent to 20 percent year-over-year, according to the story. That’s really good.
Then there’s the neighborhood of Avondale. According to the Crain’s story, home sales here were up an incredible 49 percent through July when compared to the same period in 2014.
This is good news for buyers. If you’re looking for a condominium or single-family home in Chicago, there are so many solid neighborhoods from which to choose. As the Crain’s story says, many of these neighborhoods are seeing home values accelerate at a solid pace.
I know when you first buy a home, you’re not immediately thinking of what it will sell for if you eventually move. But this is an important factor. No one can tell you if the value of your Chicago home will rise after you buy it. But you do increase the odds of this happening when you move into a neighborhood in which housing prices are steadily rising already.
My advice? Study the neighborhoods of Chicago before you start looking for a condo or single-family home. You might discover a hidden gem of a community that you never thought of before you began your home search.