Thursday, February 24, 2022

Movin' On Up! Uptown Single Family Homes In Demand

An article today from Crain's Chicago Business (subscription required) confirms what our friends in the real estate market have been telling us for the last 2 years.  Uptown has arrived in a big way on the single family home (SFH) housing market, and sales bear that out.

From the article, the median price of single family homes in Uptown has risen nearly 19% and now sits at $1.06 million. (The median is the midpoint in the list of sales). Uptown is the only neighborhood in the city that has moved up into the million dollar tier during the pandemic.  (Per Zillow, the number of U.S. cities with a million dollar SFH median price grew by 43% in 2021, up to 481).

With space being at a premium during the COVID-19 pandemic, our neighborhood, which offers lower relative prices, larger house sizes and larger lots than other places in the city, became a big draw to buyers who previously might have considered SFH or condos in Lincoln Park (median $1.7 million) and Lakeview (median $1.34 million).  The neighborhood's beautiful homes, many with historical pedigree, proximity to the lake and transportation, and great resources, including great restaurants, have all played a role in Uptown's rise.  

In comparison, Uptown condo sales and prices have remained steady for the last two years.  However, our contacts in the real estate world think that the median price may rise soon with recent pre-sales on Dover and Beacon, and new condo offerings coming on the market in 2022 and 2023 on Winthrop, Malden, Beacon and the 4500, 4600 and 4700 blocks of Clark.

As we say here often, it's a good time to be in Uptown.

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