Home Prices Are Heating Up In Humboldt Park, West Town & Bronzeville: Report
By Stephen Gossett in News on Oct 26, 2017 9:11PM
While prices are leveling overall in the city of Chicago, prices for single-family homes in certain near Northwest Side neighborhoods and South Side neighborhoods are leading the pack in terms of increases.
The submarkets of Humboldt Park/Garfield Park, West Town/Near West Side and Bronzeville/Hyde Park saw the largest year-over-year increase in single-family home prices, according to the latest Cook County House Price Index update, from DePaul's Institute for Housing Studies.
Prices for homes in Humboldt Park/Garfield Park rose 12.4 percent between the second quarters of 2016 and 2017; Bronzeville/Hyde Park prices meanwhile climbed 12.2 percent; and West Town/Near West Side saw a 10.4 percent increase.
While the numbers are encouraging for property owners in those areas, prices in the Humboldt Park/Garfield Park and Bronzeville/Hyde Park markets still have a far hill to climb to approach their peaks. Humboldt Park/Garfield Park prices are still down 42.1 percent from their peak; and Bronzeville/Hyde Park prices remain down 33.2 percent from that market's high mark, according to the report.
But having said that, both markets show strong gains since 2000, when prices were much more normal than their bubble-era spikes: Home prices in Humboldt/Garfield are up 70.1 percent since 2000, and Bronzeville/Hyde Park prices have climbed 64.3 percent since then.
Prices in West Town and the Near West Side meanwhile represent their highest yet, up 14.7 percent from their peak and up a staggering 170 percent since 2000, according to the report.
The increase of home prices in the city overall was much more modest: 5 percent year-over-year.
The report only gauges home prices, and does not include condos or town houses.