The hottest neighborhoods to live in in the Chicago area aren’t what many would expect – and that’s exactly why real estate site Redfin is predicting they will continue to grow in 2017.
In its recent prediction of the hottest neighborhoods for 2017, Redfin analyzed data from users on its site and paired it with knowledge from agents across the country.
While no Chicago-area neighborhood was named among the top 10 in the country, a list dominated by coastal cities, the report also named three locations for metro areas nationwide.
In the Chicago area, the list was topped by downtown Oak Lawn, a neighborhood cited for its proximity to Chicago, median sale prices and access to transportation.
“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,” Redfin agent Heather Hartung wrote.
Rounding out the top three were Woodlawn, on Chicago’s South Side, and Belmont Gardens on the city's Northwest Side.
“Redfin research shows that over the past five years, home prices in urban cores have shot up 50 percent faster than in the metro areas as a whole,” Redfin chief economist Nela Richardson said in a statement. “Our data on homebuyer activity shows that this year people are bypassing the most expensive areas in the center city in search for high-end amenities and renovated homes a few train or bus stops outside the city limits. The hottest neighborhoods of 2017 will be those edge communities that deliver urban convenience at prices that are closer to earth.”
As for the hottest neighborhoods in the country, Bushrod in Oakland, California topped the list. It was followed by Woodridge in Bellevue, Washington; Serra in Sunnyvale, California; Somerset in Glendale, California; and Eliot in Portland, Oregon.