CHICAGO — Home sale prices in Lincoln Park/Lakeview have not only recovered from the housing bubble burst but now exceed their high water mark of the boom, according to a new report.
The Lincoln Park/Lakeview area was the only "submarket" in Cook County to exceed the highest price level of the boom, with prices in the fourth quarter of 2013 at 4.5 percent higher than the previous high point, the third quarter of 2007.
The report, released Wednesday by the Institute for Housing Studies at DePaul University, said that home prices in the fourth quarter of 2013 were up 14.7 percent year over year in the Lincoln Park/Lakeview area.
In Cook County overall, housing prices were up 15.1 percent year over year, the largest increase in 16 years.
The largest year-over-year price increases in the city were seen in Jefferson Park/Edison Park, Irving Park/Albany Park and Portage Park/Belmont Cragin, all with increases over 20 percent, the study found.
Still, those neighborhood prices are still below their housing peak.
The authors of the study called the Lincoln Park/Lakeview achievement "a significant milestone."
"Single family home prices in Lincoln Park have actually exceeded their previous high point during the housing boom. In the third and fourth quarters of 2013, the Lincoln Park submarket reached new peak levels," the researchers wrote. "Single family home prices in Lincoln Park are 4.5 percent higher than at their previous high point in the third quarter of 2007."
The Institute's 2013 House Price Index tracks quarterly prince changes for single family properties in Cook County.