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Sales of new construction detached homes fell 58 percent between 2007 and 2008, according to an analysis of all home sales in Chicago by Lakeshore Analytics. Neighborhoods hit hardest were the Near West Side, West Town, and Lakeview. While the Near South Side had sold many homes in 2005 through 2007, it emerged as the leading neighborhood for new detached home sales in 2008 and even saw median prices rebound. Near South Side has led all neighborhoods in detached home sales in three of the last four years. Near South and Near West dominated new detached home sales in the boom years of 2006 and 2007.
Neighborhoods like Lakeview and West Town that had significant new home sales in previous years backed off in 2008.
The chart here shows the explosion of new detached home sales in the Near South Side started in 2005, even in a neighborhood often associated with new high rise condominiums. The neighborhood still leads the city in new home sales—by a significant amount.
Similar to many real estate markets nationally, Chicago has experienced a steep fall in the number of transactions, but a modest rise in the median sale price of the homes that do change hands. The median price for a single family detached home in Chicago (new and re-sale) was over $475,000. (A similar post related to new condominium sales is available here.)
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