While the increase in Chicago home sales has not been as strong as they were in 2015, the city has certainly posted a few solid months. Sales have been up and down all year, but August produced strong results showing a 14% increase from the same period last year, according to data from Redfin. One of the biggest issues affecting the Chicago market is low inventory, causing more competition among buyers. However, there’s certainly no shortage of high-end homes currently available in the city and out in the suburbs.
In previous reports from Redfin, neighborhoods like Humboldt Park, the West Loop, and South Loop were listed as some of the hottest areas for buyers. And while those areas are certainly still seeing strong sales, the latest numbers show that Jefferson Park, Logan Square, and Andersonville are currently leading the way. The Austin neighborhood on the West Side has shown the greatest price increases in the last few months—the median sale price in that neighborhood rose over 23% to $130,000. Meanwhile, in Jefferson Park, the median sale price rose nearly 20% in the last few months. Humboldt Park remained strong with more than half of its sales closing higher than the initial asking price—the highest percentage of any neighborhood in Chicago at the moment.
Meanwhile, pricey neighborhoods remain pricey. The most expensive neighborhood in August was North Center, which posted a median sale price of $611,000. Wicker Park took second place with a median sale price of $544,500 in August. Rounding out the top five are the Gold Coast, Bucktown, and Lincoln Park, which all had median sale prices over half a million dollars last month.