There are some really hot neighborhoods in Chicago right now. One that really stands out is Bridgeport. The real estate market in Bridgeport scored a rare two-fer in the first half of 2017: It’s the only city neighborhood that landed on two hot lists at the same time.
In Bridgeport, the markets for single-family and attached homes (condos and townhouses), are both doing well. Both types of residences are selling in bigger numbers, at higher prices and faster compared to last year. Among the city’s 77 neighborhoods, Bridgeport is the only one where both types of housing landed at the top of Crain’s midyear hot lists.
We crunched market data for the first six months of the year for each neighborhood, released by the Chicago Association of Realtors, and compared it to data from the same period in 2016. We excluded neighborhoods with fewer than 25 sales during either six-month period. Chicago-based DataMade helped with the data-crunching.
Because CAR breaks out the data separately for houses and for attached housing, we have two hot lists for the city. In both cases, these are places where three major gauges of a housing market’s temperature—number of sales, increase in prices and time on the market—are better than last year. In many of the city’s 77 neighborhoods, at least one of those three is negative, or the improvement was slight.
Here’s the list of hottest markets for single-family homes, with the median home price:
- Beverly ($282,500)
- Bridgeport ($480,000)
- Irving Park ($507,560)
- Montclare ($250,000)
- South Chicago ($74,000)
Here are the hottest condo markets:
- Avondale ($315,000)
- Bridgeport ($254,500)
- Rogers Park ($168,000)
- West Ridge ($125,000)
- West Town ($445,000)
The fuel for the heat in these areas differs from place to place.
An additional 25 homes sold in foreclosure haven’t yet come back on the market as rehabs, but if they do, they may fuel further growth.