Friday, January 20, 2023

West Ridge super sneaky house values, median price up


West Ridge community area's diverse residential housing, diverse demographics, small business community and access to great parks offer great value compared to many north side neighborhoods. 

My clients are ready to trade their small Lincoln Square / Bowmanville condo for single family home life.  With one large dog, another in the works and work-from-home situation... they need more space. They are on a budget under $400,000 and open to neighborhoods further west or north to take the next step.  West Ridge may be the answer.

West Ridge single family home sales 2022

114 single family homes sold in 2022.  The median price of a sold single family home over last year was about $465,000 (about half of Lincoln Square a couple miles to the south). Only one house sold for over $800,000. With mortgage interest rates up and the buying frenzy slowed I expect that median price to plateau.  Prices will remain close however to last year's due to more renovation and development in the area delivering higher quality products.

In 2019 (pre-pandemic) 141 homes closed with a median price of $365,000
2020, 142 single family homes closed with a median price of $399,900
2021, 152 homes sold with a median price of $429,000

West Ridge has great access to large parks like Warren Park and Indian Boundary Parks. It is a short trip to Chicago and Evanston beaches. Small business, grocery stores, schools, larger retailers and religious institutions are in close proximity throughout the entire community area. 

About 13 homes are currently on the market in West Ridge with a median asking price of $500,000. 

My (younger) kids at Indian Boundary Park  back in 2015! Our 4th would have been a few months old by now... maybe I am carrying him while taking pictures? 

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