From a bird’s eye-view, Chicago’s real estate market was weak in 2019, but when viewed up-close and in detail—as this chart lets you do—it’s far more complicated than that.
The price of a house grew by a healthy six percent or so in some parts of the region, including Hermosa, Garfield Ridge and North Park in the city and Western Springs and Villa Park in the suburbs. In other places, prices cooled by about the same amount. Among them: Logan Square, Lakeview and Edison Park in the city, Arlington Heights and Oak Park in the suburbs.
Compare those figures to the larger-scale citywide and regional data that Illinois Realtors released Jan. 22: Across the city, the median price of a home sold in 2019 was up 1.7 percent from 2018, and in the nine-county metropolitan area, the increase was 2.3 percent.
Each month, Crain’s reports the citywide and regional figures, as reported by Illinois Realtors, but each January there’s a chance to break it down by neighborhood and suburb. The map below covers all city neighborhoods and most suburbs in Cook, Lake, DuPage and Will counties. Crain's prepared the map from data released last week by the Chicago Association of Realtors and Midwest Real Estate Data.
Prices rose, though sometimes only modestly, in 2019 in a majority of the locations that this data covers. In 125 suburbs, prices rose during the year, and in 41 they fell. (Others were flat.) In the city, where the data is broken into separate reports on detached, single-family houses and attached condos or townhouses, detached homes’ prices rose in 43 neighborhoods and fell in 22. Attached homes’ prices rose in 22 city neighborhoods and fell in 12.
Those figures do not cover every neighborhood or suburb. Suburbs are included only if they had 25 or more sales during the year. In the city, the data provider breaks sales down into two types, detached (houses) and attached (condos and townhouses); for each neighborhood, we have included data for either of these types only if there were at least 25 sales of that type during the year. (In the city, Woodlawn is not included. The association does not provide broken-out data for Woodlawn.)
Data is available only for Cook, DuPage, Lake and Will counties, and it's not available for all towns. The color used in the map shows the price change for the type of home that had the most sales in that neighborhood.
The map tracks the year-over-year change in the median sale price in each location. The median sale price is the midpoint among sales of all amounts. It's a widely used barometer of movement in home prices, but it's not perfect.
If a larger-than-usual number of buyers purchased homes at the upper end of an area's housing stock, the increase in the median would suggest a larger rise in home values than is accurate. The same would be true for the downward pull of numerous buys in the lower end.
That effect is clear in many of the neighborhoods and suburbs that show median price increases of 30 percent and more. In most of these cases, particularly on the South Side and in the south suburbs, the change reflects a shift from the majority of sales being bargain-priced foreclosures to the majority being market-priced sales. That shift exaggerates changes in the median price.
For a look at how your neighborhood or town did in 2018, go to last year’s version of this chart.
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January 23, 2020 at 06:00PM
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How Chicago home prices did last year - Crain's Chicago Business
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