The 3 Chicagoland neighborhoods ready for a surge in demand in 2017

by Peter Thomas Ricci

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Do you work in the Downtown Oak Lawn, Woodlawn, or Belmont Gardens housing markets? If so, 2017 may prove to be a busy year.

According to the new “Hottest Neighborhoods” rankings from Redfin, those three neighborhoods will see the most real estate activity in all of Chicago in 2017; Redfin based its predictions on website page views and local perspectives.

Here are the specific stats Redfin shared on the three neighborhoods, including the “Hot Homes,” share, meaning the share of homes that sell quickly:

Neighborhood Median Sales Price Median Days on Market Average Sale-to-List Hot Homes Share
Downtown Oak Lawn $156,000 107 92.5% 33%
Woodlawn $110,000 97 94.9% 32.6%
Belmont Gardens $243,000 85 96.1% 42.9%

Heather Hartung, an agent with Redfin, said Oak Lawn offers buyers a number of amenities.

“Oak Lawn is in close proximity to the city of Chicago, and homebuyers here can get more land, more space and a suburban feel for a lower price,” she said. “Right now, we’re seeing a lot of nicely renovated homes that are appealing to buyers who were otherwise looking in places like Palos Park and Palos Heights, or in Beverly. You also have easy commuting with a Metra stop to get to the Loop and two major employment hubs – the Medical Center and St. Xavier University in Oak Lawn itself. Quite a few buyers have recently gotten jobs in the area, like what they see and have decided to settle down here.”


Photo Credit: Holizz, Creative Commons Attribution-Share Alike 3.0 Unported, https://commons.wikimedia.org/wiki/File:Adair_Park,_Decatur_01.JPG