Since last year, the median sale price for homes in Humboldt Park has jumped a whopping 62%, real estate brokerage and MLS website Redfin reports. In January, Redfin named the neighborhood one of the hottest in the country, and seven months into the year, the evidence is clear that indeed the West Side neighborhood is truly one of the hottest neighborhoods in the country for home buyers. According to the report, the numbers weren't pulled out of thin air, as the "hottest neighborhoods" list took into account the following metrics: median sale price, price per square foot, the number of homes sold, how quickly those homes sold and the percentage of homes that sold above list price. Redfin reps suggest that the upcoming 606 trail, popular music festivals like Riot Fest and its location next to popular Logan Square and West Town have all contributed to the neighborhood's rapid change. The only other neighborhood on Redfin's list from January that has faired as well as Humboldt Park is the Concordia neighborhood in Portland.
So, which neighborhood is next? Last year Redfin tapped Logan Square as the nation's eight hottest neighborhood in the country, and this year, Humboldt Park was selected as the tenth hottest in the country. Redfin suggests that Pilsen is next in line to become Chicago's next big destination for home buyers. Keep an eye on the Lower West Side in the coming months, as home prices may follow the same trend that Logan Square and Humboldt Park have witnessed over the last couple of years.
·Hot or Not? Redfin Revisits Predictions for Hottest Neighborhoods of 2014 [Redfin]
·Humboldt Park: 10th "Hottest" Neighborhood in Nation? [Curbed Chicago]
·Previous Humboldt Park coverage [Curbed Chicago]