|New construction single family home at 4930 N Oakley. The original property on an over-sized lot was sold for $465,000 last summer. All photos Eric Rojas, Broker, Kale Realty|
The Lincoln Square
area is probably a "Top 3 buzz neighborhood" in Chicago due to the rapid addition of foodie destinations, infrastructure improvements, popular fests and luxury home construction. Let's take a look at single family home sales in this desirable city location. Median single family home price is first half of 2012 was about $440,000. At the half of 2015 it stands at about $639,000... a 45% increase over 3 years.
Home sales January 1st to June 30th, 2015
62 single family homes have been recorded as sold
on our local MLS from January 1st to June 30th, 2015. The median price of a house stands about $639,000.
The highest home sale is 2030 West Leland, Chicago IL 60625 for $1,565,000. The newly built home completed in 2013 after a long foreclosure and consequent redevelopment finally has a owner on the prominent Lincoln Square block.
The lowest single family home sale in the Lincoln Square community area is 2317 W Foster, Chicago IL 60625 for $225,000.
|A long vacant and dilapidated property on North Oakley was finally sold to a developer. The new home nears completion this year.|
The small brick cottage on busy Foster was bought by an LLC. Several new three unit construction buildings are going up on this strip and re-development could be a possibility for this property.
In the first half of 2014, 40 homes sold with a median price of $565,000.
In 2013, 53 houses sold with a median of $540,000.
In 2012, 50 houses sold with a median of $440,000.
Lincoln Square has many desirable qualities urban dwellers look for: A long established retail and entertainment "downtown" in addition too many commercial hubs spread throughout the neighborhoods, great public transportation options (several CTA train stops, Metra and buses)
, access to large public parks (Welles, River and Winnemac) and diverse housing options.
It's worth noting many of the lower end homes have been sold and developed by private owners in recent years. The next time these houses sell it will be for over triple the last transaction. With median price of a house at $1,000,000 to the southeast border in North Center (a very comparable neighborhood) I expect the trend of higher priced homes in Lincoln Square to continue over the next ten years.