Portage Park Community Area of Chicago has gone on a hot run of single family home rehabs and new construction over the past 10 years. The low mortgage interest rates of 2020-2022 and "pandemic phenomenon" of buying for more space helped produce more new construction and higher-end renovations than typical for the neighborhood. Easy access to highways for the burbs or downtown is convenient. The eastern portion of Portage Park is near Grayland Metra stop (Milwaukee District- North) making public transportation to downtown or the North Shore easy.
|Portage Grounds is my favorite coffee shop in the neighborhood and has the best soundtrack bumping!|
174 single family homes have sold this year (Jan 1st to July 7th) with a median price of $380,000. That's down from the $405,000 same period last year. The highest price sale this year is 3450 N Keating for $901,000. The fully gut renovated house is located west of Kilbourn Park and a half-mile from the Grayland Metra station. While it's more common to buy homes pushing the $800-$1M over-all unit sales and median price have come down off the pandemic run. Interest rates and low inventory remain the common culprits.
In 2022 over the same period 226 single family homes sold with a median price of $405,000. The highest priced home sold during that time was 4722 W Belle Plaine for $835,000. This home was a little west of North Cicero Ave and over a half-mile from the Grayland Metra. During same period of 2021 and the pandemic boom roaring 268 single family homes closed with a median price of $377,000.
Single Family Home Sales Jan 1st to July 7th
2022: 226 single family homes sold with a median price of $405,000
2021: 268 single family homes sold with a median price of $377,000
2020: 160 single family homes sold with a median price of $351,500
2019: 217 single family homes sold with a median price of $335,000
2018: 240 single family homes sold with a median price of $327,000
2017: 249 single family homes sold with a median price of $313,000
Prior the pandemic we saw very active unit sales numbers and home prices steadily moving up. Rehabs were snatched up! The quality of homes (better finish level) has increased in Portage Park attracting new buyers with higher budgets to the area that want space and may need less proximity to the office.
*All data MREDLLC.com and analyzed/ organized by Eric Rojas, Broker, Kale Realty
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