The S&P/Case-Shiller Home Price Index reported that home values in the Chicago region are down about 31 percent from their September 2006 peak. But what’s happened in your particular neighborhood or suburb? Using figures from our annual real-estate charts—the latest installment is in the October 2011 issue of Chicago, on newsstands now—I have compiled stats on all 77 city neighborhoods and more than 200 suburbs to see how different communities are faring in these post-peak years. I’m looking at city neighborhoods today; come back next Wednesday for details on the suburbs.
In the city, the five neighborhoods where house prices have fallen the furthest since their peak year are all moderate-income areas that have been devastated by foreclosures, job losses, and other repercussions of the economic downturn. The communities where prices have fallen least are largely longtime affluent neighborhoods, suggesting that the “flight to luxury”—that is, a clinging to established high-quality brand names—is at play in the Chicago real-estate market.
As you will see next week, the situation in the suburbs is a bit different. There is a similar group of hard-hit moderate-income towns at the bottom of the list, but it’s not the elite towns occupying the top tier. You will have to come back next week to see that list; for now, here are the city neighborhoods. First, the neighborhoods with the biggest and smallest drops. (These numbers are based only on the sale of single-family houses, not the sales of townhouses and condos.)
|
BIGGEST DROPS FROM PEAK |
|
|
TOWN |
% DROP |
|
Riverdale |
88.62 |
|
West Garfield Park |
85.08 |
|
Washington Park |
84.74 |
|
West Englewood |
84.12 |
|
Englewood |
77.60 |
|
SMALLEST DROPS FROM PEAK |
|
|
TOWN |
% DROP |
|
Near North |
3.85 |
|
Lakeview |
11.47 |
|
Hyde Park |
12.27 |
|
Kenwood |
13.95 |
|
Lincoln Park |
15.43 |
The chart below shows each of the 77 Chicago neighborhoods; it shows the year the average house price peaked followed by the percentage drop from peak-year average house price to 2011 average house price.
|
HOUSING PRICE DROPS IN CHICAGO NEIGHBORHOODS |
||
|
TOWN |
YEAR HOUSE |
% DROP |
|
Albany Park |
2008 |
36.96 |
|
Archer Heights |
2006 |
49.25 |
|
Armour Square |
N/A |
N/A |
|
Ashburn |
2007 |
46.87 |
|
Auburn Gresham |
2006 |
57.90 |
|
Austin |
2007 |
57.83 |
|
Avalon Park |
2007 |
52.64 |
|
Avondale |
2007 |
47.69 |
|
Belmont Cragin |
2006 |
58.15 |
|
Beverly |
2007 |
30.07 |
|
Bridgeport |
2007 |
34.68 |
|
Brighton Park |
2007 |
59.22 |
|
Burnside |
2007 |
51.83 |
|
Calumet Heights |
2007 |
48.42 |
|
Chatham |
2007 |
52.35 |
|
Chicago Lawn |
2006 |
64.03 |
|
Clearing |
2007 |
39.40 |
|
Douglas |
2008 |
49.80 |
|
Dunning |
2006 |
47.66 |
|
East Garfield Park |
2007 |
72.23 |
|
East Side |
2007 |
42.16 |
|
Edgewater |
2008 |
26.12 |
|
Edison Park |
2007 |
33.40 |
|
Englewood |
2006 |
77.60 |
|
Forest Glen |
2007 |
23.09 |
|
Fuller Park |
2008 |
18.53 |
|
Gage Park |
2006 |
61.91 |
|
Garfield Ridge |
2006 |
40.25 |
|
Grand Boulevard |
2006 |
56.97 |
|
Greater Grand Crossing |
2007 |
61.98 |
|
Hegewisch |
2008 |
25.33 |
|
Hermosa |
2007 |
62.22 |
|
Humboldt Park |
2007 |
70.36 |
|
Hyde Park |
2007 |
12.27 |
|
Irving Park |
2007 |
45.15 |
|
Jefferson Park |
2007 |
39.01 |
|
Kenwood |
2007 |
13.95 |
|
Lake View |
2006 |
11.47 |
|
Lincoln Park |
2008 |
15.43 |
|
Lincoln Square |
2007 |
20.85 |
|
Logan Square |
2008 |
33.47 |
|
Loop |
N/A |
N/A |
|
Lower West Side |
2006 |
52.74 |
|
McKinley Park |
2006 |
48.09 |
|
Montclare |
2007 |
51.76 |
|
Morgan Park |
2007 |
39.82 |
|
Mount Greenwood |
2007 |
22.84 |
|
Near North Side |
2007 |
3.85 |
|
Near South Side |
2007 |
22.58 |
|
Near West Side |
2008 |
52.29 |
|
New City |
2006 |
75.44 |
|
North Center |
2008 |
15.84 |
|
North Lawndale |
2006 |
71.59 |
|
North Park |
2007 |
33.93 |
|
Norwood Park |
2006 |
32.24 |
|
Oakland |
2007 |
56.24 |
|
O’Hare |
2006 |
30.15 |
|
Portage Park |
2006 |
47.12 |
|
Pullman |
2007 |
48.61 |
|
Riverdale |
2007 |
88.62 |
|
Rogers Park |
2006 |
43.76 |
|
Roseland |
2006 |
58.84 |
|
South Chicago |
2007 |
57.21 |
|
South Deering |
2007 |
52.55 |
|
South Lawndale |
2006 |
72.81 |
|
South Shore |
2008 |
49.09 |
|
Uptown |
2008 |
34.92 |
|
Washington Heights |
2007 |
48.34 |
|
Washington Park |
2006 |
84.74 |
|
West Elsdon |
2007 |
51.84 |
|
West Englewood |
2006 |
84.12 |
|
West Garfield Park |
2007 |
85.08 |
|
West Lawn |
2007 |
52.73 |
|
West Pullman |
2006 |
60.44 |
|
West Ridge |
2007 |
37.35 |
|
West Town |
2007 |
25.91 |
|
Woodlawn |
2007 |
76.39 |