LINCOLN SQUARE — Single-family homes in Lincoln Square are getting pricier by the year, and if recent trends continue, million dollar sales could become the new normal, according to one real estate broker.
Eric Rojas of Kale Realty runs The Chicago Real Estate Local blog. He crunched the numbers on the median price of home sales between 2012 and June 2015, and the data showed a 45 percent rise over just three years.
In the first half of 2012, 50 houses sold at a median price of $440,000. In the first half of 2015, 62 single-family homes sold at a median price of $639,000. The highest priced home sale topped $1.5 million.
"It's worth noting many of the lower-end homes have been sold and developed by private owners in recent years," Rojas wrote, meaning their last recorded sale price won't reflect renovations or a teardown and rebuild.
"The next time these houses sell it will be for over triple the last transaction," he predicted.
Rojas' complete analysis can be found at The Chicago Real Estate Local.
For more neighborhood news, listen to DNAinfo Radio here:
