Well many of you may have seen this already, since it was published earlier this year as I recall, but I thought it would be interesting to revisit. An article on CNN's website posted the "hottest zip codes" in top metro areas according to increases in median home prices over the 5 years ending in the 4th quarter of 2004. Overall, increases in Chicago real estate prices are modest compared to increases in LA, NYC, DC, and Boston. Regardless of the downside, the upside is that Chicago remains relatively affordable for home owners.
(see http://money.cnn.com/pf/features/lists/topzipcodes/)
Why is this?
I pasted the zip codes with the highest increases in Chicagoland below. The greatest growth rates appear to be in the southwest side by Midway (60632,38,29). Any ideas about why this area tops the list?
I was taken aback by the median home price for 60640 which is Uptown/Edgewater.
Chicago overall: 254,000 49.60% 8.30%
Chicago IL 60632 205,000 91.20% 13.80%
Chicago IL 60638 237,000 90.90% 15.30%
Chicago IL 60629 195,000 89.90% 16.70%
Chicago IL 60652 180,000 84.60% 16.00%
Chicago IL 60639 265,000 84.10% 11.20%
Chicago IL 60630 318,000 83.30% 12.20%
Chicago IL 60634 300,000 83.20% 12.50%
Chicago IL 60640 511,000 82.20% 12.50%
Oak Park IL 60302 450,000 80.50% 8.80%
Chicago IL 60641 320,000 79.80% 11.10%> |
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