Chicago Real Estate Market…Prices Are Increasing!

In Don Debat’s article for Skyline, he cites Chicago Board of Realtor’s statistics that show in selected areas of the city, real estate resale prices have appreciated. Chicago’s Gold Coast, Lincoln Park and Bucktown stand out for their resale-price appreciation in 2007 when compared with 2006.
Although it is definitely a buyer’s market, it is interesting to see how the Gold Coast’s single family homes have increased in value by 4.5%. In fact, the average price for a Gold Coast single family home is over $2.6 million.
Also relevant, single family homes in Lincoln Park have increased by 2.3% to an average of over $1.6 million. The price increases in these areas only reinforce that location is one of the differentiating factors attributing to why one home will sell faster than another.
In Bucktown, a single family home situated close to good public transportation and expressways,  have shown even more appreciation.  They rose 6% with the average cost for buying a single family home in this area approximately $769,000.
Chicago condos have also shown substantial price increases in these three areas as well. The Gold Coast’s condos have risen 5.8% with the average purchase price reaching a little over $534,000.  In Lincoln Park, the average is at the $448,000 mark, or an increase of 1.7%.  Finally Bucktown, which is not quite as dense as the Gold Coast or Lincoln Park, saw 1.6% to $356,000.