The Andersonville Daily, reprising an earlier Crain’s article, touts Andersonville and Uptown (actually, ZIP code 60640) as having experienced the highest level of appreciation – 39.3% – in single-family home prices in the Chicago area over the last decade.
The numbers come from Fiserv, which compiles the data for the widely-followed Case-Shiller Index, and are based on the same methodology.
There are reasons to approach these numbers with great caution in the case of this particular ZIP code.
The first reason is the necessarily small sample size: there simply isn’t a broad selection of single-family homes in 60640 and resale volumes are thin.
The reason for greater caution is that many of the resales in 60640 are homes that have undergone substantial renovations which would, of course, substantially increase the resale price.
Caution aside, there’s no doubt that Andersonville and parts of Uptown have improved substantially over the past decade.