The popular web site to conveniently search for housing in large U.S. cities RentHop.com created to its visitors the interactive online map, through which you can trace the change in property prices close to the stops of the Chicago metro in the first quarter of 2017 compared to the same time period last year.
And as it turned out, the cost of some one-bedroom apartments near metro stations Green Line soared by 15% due to the construction of new luxury apartments, like Vantage in Oak Park, which raised the prestige of the area and, as a consequence, prices rise.
This trend has affected the real estate near the Chicago stop on the Purple and Brown Lines, in the area Near North built an apartment building NEXT. Because of this, many flats have become more expensive. Since RentHop.com we studied the changes of the prices for one-bedroom housing, then the exact percentage of growth is only for this category of real estate and is more than 11%.
Another good example is the situation in the North Loop district, where a relatively recently built residential 38-storey apartment category «Lux» Marquee at Block 37. After that, prices for one-room dwelling near Lake Station on the Red Line rose by 14.8%.
If you are looking for something cheaper, avoid the search apartments nearby with the following stops:
- Harlem/Lake (Green Line) – where prices rose 15.3% and now the average cost is $1,524;
- Lake Station (Red Line) – prices increased by 14.8%, the average cost is $2,225;
- Oak Park (Green Line) increased by 14.4%, the average price is $1,545;
- Cottage Grove (Green Line) increased by 11.5%, average price $1,254;
- Chicago (Purple & Brown Line) grew by 11.1%, average price – $2,150;
- 18th Street (Pink Line) – the prices rose by 9.2%, the average price is $1,269.50.
However, there is even a decline in prices or at least their stability in such areas as West Loop and Near West Side.
Shed the real estate near the stations:
- Polk (Pink Line) decreased by 8.6% and now the average cost is $1,787;
- Illinois Medical District (Blue Line) decreased by 8.5%, the average price is $1,785;
- Washington/Wells (Brown, Orange, Purple, Pink Line) decreased by 7.9%, the average cost of $2,265;
- Clinton (Blue Line) declined by 7.9%, average price – $2,090;
- Randolph/Wabash (Brown, Green, Orange, Pink, Purple Line) decreased by 7.7%, the average price is $2,125.
