Chicago Tribune's Median Home Price Heat Map
Today the Chicago Tribune released information on median home prices for Chicago. The data tracks home sales recorded in the last three months and was compiled for the Tribune by Record Information Services.
Their data, which is a bit hard to access, shows a few bright spots. According to their data, Calumet Heights is leading Chicago with a 39.16% increase in prices over last year. Other neighborhoods fairing well are Fuller Park (+32%), the Near South Side (+26.4%), the Near North Side (+22.7%), Washington Park (+15.2%), Oakland (+14.5%), New City (+10.8%), and Lincoln Square (+10.5%).
Neighborhoods that have seen price drops over the past year far exceed those that have held their own or increased prices. Some of the neighborhoods with the largest price drops include: Pullman (-51.9%), West Garfield Park (-45.1%), East Garfield Park (-34.6%), Belmont Cragin (-32.2%), Archer Heights, (-23.6%), and Dunning (-22.8%).
I could not find the supporting numbers that drove the heat map and I found a few things that were quite surprising. The neighborhoods that are on the extreme ends of the scale are next to each other: Pullman (-51.9%) and Calumet Heights (+39.6%).
Also, just a quick glance at the map shows you that the neighborhoods along Lake Michigan are doing the best, with the exception of the Loop which saw prices drop by 22.1%.
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[…] Because I’m licensed and certified in both appraising and selling, I often find myself mixing the two. Recently, I had to have a tough discussion with the owners of one of my listings. If you’re an agent, you too have had to fret and stew over having to make the price reduction phone call. If you’re a seller in today’s market, you’ve likely been on the receiving end of that call. It’s happening more and more frequently these days; all the analysis, data, and news is crystal clear: we are in a depreciating market. […]