Let’s Remember- All Real Estate is Local…. The Chicago Real Estate Market is no Exception.

It’s an old adage, all real is local, kind of an extension to the popular reference “location, location, location”. But this is so difficult to remember when the news reels off one scary headline after the other.

Certainly parts of the Chicago Real Estate market are deeply affected with declining values and foreclosures. These neighborhoods tend to be on the periphery of Chicago. However analysis of data from the Multiple Listing Service reveals that not all is lost.


It is always a good idea to differentiate between detached and attached single family housing when looking at the numbers, and the Chicago Real Estate market is no exception. All too often the numbers shown on many prominent websites ( and yes I am thinking of the Tribunes Realty Tracker) mix the two. This doesn’t leave the statistics invalid but leaves a highly confusing result in a field that is difficult enough to understand.
Using median values for 2007 and median values to date for 2008 clearly the old adage is true and not indicative of the nationwide debacle.

2007 Att 2008 Att 2007 Det 2008 Det


Lincoln Square $275,950 $305,000 $620,000 $635,000

Lincoln Park $414,328 $420,000 $1,425,000 $1,485,000


Logan Square $315,750 $315,000 $672,500 $657,500

Near North Side $390,876 $415,000 $1,995,000 $2,125,000

Lakeview $332,500 $350,000 $1,069,000 $1,056,641


Median values can be distorted in neighborhoods where there are an exceptional high number of new construction projects. For example in the case of the Near South Side it is very difficult to show exact data on how median values are trending. Here where numbers are statically invalid for detached housing we have to look at attached housing-condominiums only. Many buildings; low, mid or high rise are nearing close out, notably in Museum Park. These buyers signed contracts two or three years ago and the sales prices are now entering the data stream. The effect of this shows a huge increase (20 %+) in median values for the Near South Side. This is not a true picture of how median values are trending on the Near South Side. Marketing times (which are increasing in all neighborhoods) and the relationship between supply and demand would be better indicators of market trends in this section of the Chicago Real Estate market.
It is the job a Real Estate agent to pull these numbers apart when representing a client. Analyzing the Chicago Real Estate market is especially important for someone who is transferring from another city. The seller here in Lincoln Park or Logan Square also needs to know that things are not that bad. It would be great if this job was left to Real Estate agents who have excellent data at their fingertips. It would be even better if the mass media put a little more thought into some of their reporting and avoid blanket statements.