If you bought your house in Bucktown or Wicker Park 10 years ago, you’re probably sitting pretty. Our pals at the Multiple Listing Service of Northern Illinois recently shared some figures on home prices in those neighborhoods (bounded roughly by Division, Western, Fullerton and the Kennedy Expressway). Appreciation has been dramatic: the average price of a detached home nearly quintupled during the last decade:
- In 1997, 308 houses sold. Average price: $210,523
- In 2002, 393 houses sold. Average price: $443,986
- In 2005, 172 houses sold. Average price: $784,610
- In 2007, 98 homes sold (through August). Average price : $1,001,199
The average price of attached homes – condos and townhouses – has risen too, though not as dramatically.
- In 1997, 496 units sold. Average price: $176,242
- In 2002, 1,608 units sold. Average price: $305,933
- In 2005, 860 units sold. Average price: $393,690
- In 2007, 579 units sold (through August). Average price: $418,208
That must be gratifying for the pioneers who endured these neighborhoods’ rougher days, but it remains to be seen whether prices will continue their meteoric ascent.
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