Home Prices Near Peak in Lincoln Park, Lakeview, and Bucktown

Chicago-area residents may be interested to hear that the home prices in Lincoln Park, Lakeview, and Bucktown are nearing the peak that they had reached in 2007.  In fact, according to Chicago Real Estate Daily, an index of single-family homes in the North Side were merely 2.5% shy of the 2007 peak.

The broader area Chicago market is looking great as well.  In fact, 2013 yielded raising prices in all 235 Chicago-area zip codes - for the first time in 7 years.

Some Chicago area neighborhoods are even topping peak prices.  In Lincoln Park, homes on Paulina, Burling, and Menominee streets are selling for even more than their peak-era prices.

Last year underwent many bidding wars, resulting in numerous properties selling for more than asking price.

Are all Chicago-area homes nearing peak levels?

It will likely be a few years before all Chicago-area homes return to their peak levels, unfortunately.  The single-family price index for the entire metropolitan area at large is still down 21.7% (21.8% for condominiums) according to CoreLogic, who computes an index for each zip code by matching up repeat sales of the same homes.

Chicago neighborhoods and suburbs are recovering at exceptionally different rates as well.  Suburban areas such as Cicero are 54.6% below peak, Marquette Park down 53.6%, Archer Heights and Gage Park down 53.3%.  According to Geoff Smith, executive director of Housing Studies at DePaul University, investors populate this area, and "they're looking for bargains; they're not going to bid the prices back up" toward the old peak.

Looking to sell or purchase a home?  Curious what these statistics mean for your situation?  Don't hesitate to send us an email or give us a call, and we'll be happy to discuss your options.

Real Group Real Estate

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