The Chicago real estate market has been attractive for buyers. Housing sales in the city have been on the rise, with the number of new home sales in July 2013 reported at 2,838. This number was up 31 percent over the previous July 2012 sales report of 2,164 new homes sold. The median price in July 2013 for new home sales in the city was $250,000, up a quarter from the prior year July price of $200,000.
The average number of days on the market also fell in July 2013 for Chicago. Listing posted in July (and prior) spent a total of 48 days on the market versus 69 days in prior July 2012. This represents a percentage drop in the number of days of 30 percent. The recent boon in housing sales for the city of Chicago, which began in 2010, is taken place in the following neighborhoods: Bridgeport, Calumet Heights, Edison Park, Lakeshore East and Lakewood Balmoral.
The Bridgeport neighborhood, which houses U.S. Cellular Field — the famous Comiskey Park — is well-situated for transportation, schools, shopping and restaurants. A budding arts district is in the making with the Bridge Gallery of Contemporary Art on South Halstead Street and Zhou B. Art Center on S. 35th Street. A mix of single resident and condos created from converted factories and warehouses makes this neighborhood just south of Chicago’s downtown “Loop,” a desired area to live. The average home prices for this neighborhood are $314,784.
An old line working class neighborhood located deep on Chicago’s Southside, Calumet Heights offers beautiful two story homes from the 1940s and 1950s post-war building boom. The neighborhood has average home prices of $109,398. For families with children looking for some of the top performing schools in the city, Calumet Heights Earhart and Black elementary are two of the best with test scores above the city’s average. The neighborhood is also near Chicago State University.
Moving to the Northwest side of Chicago is Edison Park, a formerly free standing village that combines that suburban feel within the city. The community is located 10 minutes from Chicago’s O’Hare International Airport and has access to Blue Line CTA stop at Harlem Avenue. There are plenty of restaurants and shopping available in Edison Park as well as in neighboring suburban town Lincolnwood, Niles, and Park Ridge. With average home prices of $332,214, Edison Park features a mix of American-styled four square homes, colonials and bungalow style homes.
Lake Shore Drive, the famed LSD in Chicago, Millennium Park and the Magnificent Mile of shopping on Michigan Avenue are just some of the areas that you will find in the Lakeshore East neighborhood. Walking distance to all of the downtown shopping, entertainment and dining options that Chicago is famed for this area of downtown living was long in coming. This area is more attractive to young professionals looking to be in the Loop and near the centers of Chicago’s political, financial and business power, with mostly condominiums available averaging in price $484,169.
The historic Lakewood Balmoral neighborhood in Chicago is nestled between some of the other famous areas of Chicago’s North side, Andersonville and its most famous resident, Wrigley Field in Wrigleyville. The shortage in housing stock is not scaring off prospective buyers who are paying in the millions, in some instances, for some of the beautiful old mansions and famous homes located in this community. The average prices of homes in this community are $615,876.
Hubert Stalwart is a freelance writer based in Butte, Montana. Hubert enjoys writing on business, real estate, finance, commerce, marketing and other similar matters; those interested in joining the exciting world of business should take a peek at the business analyst jobs with moneyjobs.com.
Image credit goes to Josh*m.