Wednesday, May 17, 2017

Belmont Cragin Chicago home sales see value and mulitple offers

Rows of smart bungalows and well kept lawns on the 4900 block of West George. My favorite part? Spotless street and neighbors out talking, smiling and waving.
You need house? Belmont Cragin got nice house under $300K. And it go fast! We are in our second multiple offer situation this month on "move in" quality brick homes. Let's take a look at neighborhood house sales and prices so far in 2017.

The Belmont Cragin neighborhood is basically North Cicero on the east, North Narragansett on the west, West Belmont Ave to the Metra's Milwaukee District/West tracks to the south. First time buyers from Wicker Park, Logan Square/ Hermosa neighborhoods are looking just west for an affordable, well conditioned house. Developers/ flippers are selling fully renovated one story bungalows in the $300s. Market prices are heating up as older neighbors sell dated but well kept homes.

Belmont Cragin home sales January 1st to May 12th.
107 houses have closed in 2017 so far. The median price of a sold single family house is $219,000. Median price is up $60,000 since 2014!  Many houses around the median price (and for a bit more) are brick homes in really good shape. Additionally homes listed around the median price usually sell in multiple offers.

130 houses sold over the same period last year with a median price of $212,000.
In 2015, 99 homes sold with a median price of only $185,000.
In 2014, 96 homes sold over the same period with a median price of $159,900.

The highest homes sale thus far in 2017 is 5337 W Barry Ave, Chicago, Illinois 60641 for $445,000.  The gut renovated two story home featured four bedrooms, four bathrooms and contemporary finish level.

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