There are certain names that the Chicago real estate market knows well: Trump. Elysian. Lake Shore Drive. These are names that go hand in hand with luxury living in Chicago.
But these are the names that buyers are really getting excited about: Bell, Blaine, and Burley. Lincoln Park. Coonley. Ogden and Hawthorne.
These are the names of the outstanding public schools that many buyers want to ensure they have access to when purchasing a home. And many potential buyers are finding that they aren’t the only ones looking for these names on a real estate listing sheet. One of the best ways to make sure your child attends an acclaimed school like these is simply to reside within the school district, and plenty of buyers are taking note.
With tuition for Chicago’s private schools running $20,000 or more and admission requirement steadily increasing, I’m noticing that more buyers of single-family homes are requesting to live in one of these districts. But many of them are surprised to find that the Chicago homes for sale in these ares are now priced at $1 million and up. Those prices can certainly be attributed, at least in part, to the rapidly growing demand to be in these neighborhoods.
An example: I recently had a request from a client looking to purchase in one of these sought-after districts. A home that was within the boundaries for the touted Audubon Elementary School receive five requests for showing on the very first day it was listed–and the home was priced at $995,000.
Good Schools the Latest “Must-Have” in Chicago Real Estate
Being near the best public schools is definitely the latest trend among Chicago home buyers. When I spoke to the listing realtor in the above scenario, she said she was getting so many requests for showings that she was lumping them into certain time frames, and those who coudln’t visit at that time were simply out of luck.
Cases like this make it apparent that buyers no longer have the opportunity to delay their purchase decisions. Taking time to “hem and haw” almost certainly means that the property will be snapped up by the next buyer who is ready to write a check. I’d anticipate that this property in particular received a number of offers, considering it is priced just under the $1 million mark and many homes in this area are priced above.
As demand from homebuyers continues to drive the Chicago real estate market, I have no doubt that factoring in must-have schools will continue to “add fuel to the fire,” so to speak. The market is getting increasingly competitive for buyers, and those looking to find the perfect property near a great school to boot better move fast.
To see what’s on the market or to learn more about the Chicago homes for sale in these coveted school districts, contact me at (312) 498-5080 or email me at [email protected]