Wicker Park and Bucktown were the home appreciation darlings of 2015. So far in 2016, home prices for the sister ‘hoods have been flat as buyers have sought value in their neighbors to the South – Ukrainian Village and East Ukrainian Village. The result, a 7.6% increase in median home prices in just the first 9 months of the year.
Check this out. Here’s Wicker Park’s median prices for the past three years. Check out the run-up in 2015, followed by the steady 2016:
Now look at Ukrainian Village over the same time period. In 2015 – notta. Now 2016 – hoo-boy!
River West and Noble Square are doing the same thing. You can’t be sandwiched in between River North, West Loop and Wicker Park without buyers taking notice. It will be interesting to see what happens over here the next year or two as this Chicago neighborhood rides the coattails of two massive luxury apartment complexes and the accompanying retail. Oh, and you knew stagnant home prices couldn’t survive in a Logan Square that’s shaping up to be the next Chicago restaurant mecca.
So anyway, who’s next? My money’s on Humboldt Park. It’s the only Wicker Park adjoining neighborhood that didn’t pop this year:
Humboldt Park did see a nice run-up in 2013 and even 2014 (while Wicker Park was flat), but it sat on the sidelines in 2016. With home price pressure in both Logan Square and Wicker Park, expect buyers to seek value in a ‘hood with great housing stock, a world-class park with its own beach, and a retail scene that is gaining momentum. You heard it hear first!
Editor’s note: for Chicago newbies, the Blue Line doesn’t technically run through Humboldt Park, and only barely nips the Northeast corner of Ukrainian Village. However, there’s no doubt that both these Chicago neighborhoods witness similar buyer behavior to ‘hoods that have a Blue Line stop at their center.