BEVERLY — A recent report found the housing market in Beverly has bounced back — just not all the way.
The Institute for Housing Studies at DePaul University looked at 16 areas throughout Chicago and 17 suburban markets as part of its latest Cook County Quarterly House Price Index.
The group specifically broke out data for the Beverly/Morgan Park area and found that prices for single-family homes are up 14.9 percent since bottoming out, according to the report.
That's good news if you bought a house as prices reached a low point sometime around 2013.
But homeowners who bought single-family properties around the peak in 2007 are still 31.9 percent away from being able to recoup their investment, the report states.
The DePaul report issued on May 11 looks at price trends from the first quarter of 2000 through the fourth quarter of 2014.
Long-term buyers have seen a 34.7 percent increase in the value of their properties in 14 years since the university began collecting the data.
Overall, the Beverly's highs and lows were relatively muted in comparison to some of the other markets surveyed throughout the Chicago area. The biggest fluctuations came in the Humboldt Park/Garfield Park area.
Rich Fitzgerald of Fitzgerald Real Estate believes the next round of data will show continued improvement in home values in Beverly and Morgan Park.
Fitzgerald has been selling homes in the area for nearly 30 years. He said strong demand, short supply and low interest rates has made for a strong start to the summer season.
"If you want a nice neighborhood for a good price and a backyard with good schools, this is it," Fitzgerald said.
Loris Pfeiffer Ryan of Morgan Park has been a real estate agent with Berkshire Hathaway HomeServices Biros Real Estate on the Southwest Side for 15 years.
"I think our market has bounced back and our prices have steadily increased from the bottom of that market. Our inventory in Beverly is smaller right now so homes that come on the market that are priced right will move," Ryan said.
There's a new level of caution that buyers take in the wake of the housing bubble. Still, she agreed that the market seems to be moving again, Ryan said.
"We have a great flux of buyers from those that grew up in Beverly, Morgan Park and want to raise their family here to those that see how Beverly is an affordable, safe neighborhood with great roots," she said.
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