LINCOLN SQUARE — Single-family home prices in Lincoln Square and North Center haven't just recovered from the 2008 real estate market crash, they've exceeded peak bubble figures, according to the latest update from the Institute for Housing Studies at DePaul University.
The institute's second quarter Cook County House Price Index shows that Lincoln Square/North Center is one of only four sub-markets in the county (including both city and suburbs) performing above peak. The others are West Town/Near North, Logan Square/Avondale and Lakeview/Lincoln Park.
According to the study, Lincoln Square/North Center home prices are up 3.2 percent over their previous peak. This represents a 33.7 percent rebound from the area's lowest real estate levels, and a 115.8 percent increase from prices in 2000.
Year-over-year prices are up 3.6 percent, the study shows.
Million-dollar homes, once a rarity, have become more common, courtesy of a spate of new construction. A pair of Lincoln Square homes are currently listed on Redfin's website for more than $2 million.
The downside to the rising prices has been the loss of affordable options for renters and homeowners.
In discussing development in the ward, Ald. Ameya Pawar (47th) has frequently referenced Lincoln Square's population decline (11 percent) from the past census, as well as the conversion of more than 150 two-flats to single-family homes.
"We can't just create little islands of million dollar homes," Pawar previously told DNAinfo Chicago.
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