Chicago, Led by Dunning, Dominates U.S. Neighborhoods that ‘Have it All’

Dunning

Chicago’s Dunning neighborhood.

Real estate Web site Redfin rained plenty of praise on Chicago in its recent look at “Top 25 Neighborhoods that Have it All.” Of the communities making the cut, more than half are located in or near the city.

Redfin analyzed 80 U.S. market and based its rankings on affordable homes for sale, highly rated schools, an easy commute and levels of violent crime. Rather notably, Chicago-area neighborhoods filled nine of the top 10 spots, with the lone exception being a neighborhood in Pittsburgh.

The No. 1 spot on the list went to Dunning, a middle class neighborhood on Chicago’s Far Northwest Side.

Redfin said the Chicago housing market is a major reason for its dominance on the list. It called Chicago “the rare metro area that has remained relatively affordable and has largely bucked the severe inventory shortage trend seen across much off the country over the past few years.”

Chicago has had a slower recovery from the Great Recession than other major cities. Average home values in Chicago are still 16% below their peak, Redfin reports. By contrast, home values in cities like San Francisco and Los Angeles have already surged past their pre-recession levels.

Redfin also noted this is not a “hottest neighborhood” list, which typically looks to identify communities ready to “explode” in value and development. It’s more for “practical buyers” looking to find an affordable home in a nice neighborhood. And to take advantage of a housing market that’s been much more stable than other major cities.

Here are Redfin’s Top 10 U.S. neighborhoods that “have it all,” with median home sales price included:

  1. Dunning (Chicago), $256,000
  2. Ashburn (Chicago), $175,000
  3. Squirrel Hill (Pittsburgh, Pa.), $272,500
  4. Jefferson Park (Chicago), $275,000
  5. Elmwood Park (Chicago), $250,000
  6. Oak Park (Oak Park, Ill.), $278,000
  7. Wrigleyville (Chicago, Ill.), $269,000
  8. West Ridge (Chicago), $189,000
  9. North Park (Chicago), $226,500
  10. Evanston (Evanston, Ill.), $272,000
By | 2018-03-28T19:34:59+00:00 March 28th, 2018|Chicago Real Estate, Real Estate News|