Hyde Park Real Estate Market Analysis
Now let’s take a look at the popular HYDE PARK neighborhood.
HYDE PARK is located on the mid South Side of Chicago.
It is about seven miles south of downtown. HYDE PARK is arguably the
most diverse, and racially integrated community in Chicago.
The area has a rich history, and it has gained national attention thanks
to the overwhelming popularity of resident Barack Obama.
The even numbered streets in Hyde Park (e.g., 52nd, 54th, etc.) are almost exclusively residential. 51st, 53rd, 55th, and 57th streets contain the largest number of businesses.
53rd Street, Hyde Park’s oldest shopping district, is lined with many inexpensive restaurants, frequently offering take-out, and small businesses between Woodlawn to the west and Lake Park to the east. 53rd also features a recently-constructed Border’s Bookstore. A small-business-oriented shopping center, Harper Court, extends north of 53rd Street along Harper Ave. It includes a wide variety of shops, from Dr. Wax (a record store), Hyde Park Pets, and the Dixie Kitchen and Bait Shop, a popular restaurant serving southern/Cajun food. A Farmers’ Market is held on Harper Court in the summers.
Promontory Point extends out into Lake Michigan at 55th street. Promontory Point extends far enough east into the lake that it provides spectacular views of both the Downtown Skyline to the north and the South Chicago and Northwest Indiana skyline to the south. It is a popular place to watch summertime fireworks displays from Navy Pier to the north, especially for Independence Day. “The Point”, as it is affectionately known, sits on Chicago Park District land and like most of Chicago’s lakefront park land, it is popular with hikers, bikers, joggers, runners, sunbathers, picnickers, and adventurous swimmers.
Hyde Park is generally defined as bordered by 51st Street on the north, 59th street on the south, Cottage Grove Avenue on the west, and the Lake Michigan shoreline on the east. The area between 47th Street and 51st Street is sometimes considered a part of Hyde Park, but it is actually the southern half of the Kenwood neighborhood.
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This report will give you a good idea of what to expect if you’re thinking about
buying or selling in Hyde Park. The following results are based on Real Estate activity for Mar 2008 — Sept 2008. This data is taken from the Multiple Listing Service.
Executive Summary
1) Single Family Homes:
The average asking price = 860K
There are currently 24 Single Family Homes on the market.
The average market time is 6 1/2 months.
Here’s the breakdown on average asking prices:
a) 2 or less bedrooms = 395K
b) 3 bedrooms = 520K
c) 4 bedrooms = 618K
d) 5+ bedrooms = 1.46M
Now let’s take a look at what sold:
The average selling price = 816K
11 Single Family Homes sold in the last 6 months.
The average market time was (gulp) 1 year, 2 weeks.
On average, sellers got 92% of their asking price.
35% of the listings expired (were not sold).
At the current rate of Single Family Home sales,
HYDE PARK has a 13 month supply of inventory.
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2) Condos
The average asking price = 302K
There are currently 230 condos on the market.
The average market time is a little under 6 months.
Here’s the breakdown on average asking prices for condos:
a) 2 or less bedrooms = 197K
b) 3 bedrooms = 385K
c) 4 bedrooms = 542K
d) 5+ bedrooms = 517K
Now let’s take a look at what sold:
The average selling price = 250K
124 condos sold in the last 6 months.
The average market time was a little over 5 months.
On average, sellers got 95% of their asking price.
Also, 32% of the listings expired (were not sold).
At the current rate of condo sales,
HYDE PARK has an 11 month supply of inventory.
Here’s the breakdown on average selling prices for condos:
a) 2 or less bedrooms = 188K
b) 3 bedrooms = 325K
c) 4 bedrooms = 387K
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IN SUMMARY:
Hyde Park is arguably the most desirable location to live on the South Side.
It has a lot going for it: shopping, restaurants, museums, universities, the lake, etc.
Yet, it is still a buyers’ market in Hyde Park. There is about an 11 month supply of condos.
A 6 month supply is considered a balanced market. This is a great time to buy, while it is
still a buyers’ market. Since HYDE PARK is a popular community, appreciation should be
decent for buyers that intend to stay put for the next 5 years. If you would like more
info regarding Hyde Park real estate, please contact me via my website!
Until the next time…
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
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