Thursday, August 22, 2013

Rogers Park Median Housing Price At Or Near Bottom

The Chicago Tribune just posted a median price "heat" map for April - June 2013. Spring and summer tend to be the months when more houses are sold. So its the best time to reassess general trends in real estate.

According to the map home prices in Rogers Park fell 6.21% in the past year. Looking at prices over the past three and five years reveals prices plummeted 26.45% and 38.44% respectively. 2008 is when the housing crash occurred; five years ago.

So it appears that Rogers Park and most of the city has reached or almost reached bottom. In other words its a good time to buy. The "median" house price listed for Rogers Park is $139,750 which is low due to the many many distressed condos on the market included in the calculation. 

Last edited 7/22/13 10:30 pm (Decent writing is rewrite, rewrite, rewrite)

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To put that into perspective Washington Park's median house price is $115,000. Its value spiked up 69.12 percent in the past year. But the housing stock in Washington Park for the most part is not condo. An aberration in the marketplace. Doing the math W.P.'s average value property was then less than fifty thousand. Definitely not a hot part of town to buy into. 

Rogers Park is the only north side lakefront neighborhood whose median housing value fell in the past year. Most likely due to the overwhelming number of vacant condos still unsold. A lot of properties aren't on the market because the owners know they wouldn't get their money out of them.

As these failed condo projects are bought up by investors, returned to rental properties and foreclosed homes that lay vacant are bought and lived in values will rise.

What will the data show next year? Most likely prices for Rogers Park will be flat, down a little or up a little. One thing we know for sure this year. Rogers Park just underwent a huge mural boom.

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