Wicker Park single family home sales, median price up 15% from 2016

The house to the right is an attractive renovation with a dormer.  The house on the right is being sold as a tear down and will most likely be developed into a house or get a variance for a three-flat.

A client of ours is looking to build a new house in Wicker Park.  It is a challenging task to first find a tear down property or vacant lot and then build within a reasonable budget. We have to make the numbers work.  Our client is also open to new construction by builders/developers but has not liked what she's seen in "speculation" houses. Let's take a look at Wicker Park and greater West Town single family home sales.

Wicker Park single family home sales January 1st to October 5th, 2018
56 single family homes have sold so far this year. The median price in the Wicker Park sales area is $1,230,000.  The highest priced sold home is 1753 West Wabansia, Chicago IL 60622 for $3,125,000.  The lowest priced sold house is 1620 West Blackhawk, Chicago IL 60622 for $609,000.

I've seen standard city lots in Wicker Park ("tear-down/ vacant lot properties around 25'x125) selling from $470K to $550K but they are rare.  Competition for a build-able lot is steep.

Wicker Park neighborhood sales area.

In 2016, 46 houses sold with a median price $1,075,000. Four years ago in 2014, 47 homes sold with a median price of $1,050,000. Median price has jumped 15% from 2016 to 2018.

Looking over West Town

West Town single family home sales January 1st to October 5th, 2018
167 West Town single family homes have sold this year with a median price of about $990,000. The highest sold home this year is still 1753 West Wabansia in Wicker Park, Chicago IL 60622 for $3,125,000. The lowest priced home sold in greater West Town is 2550 West Thomas, Chicago IL 60622 for $270,000.  The original brick single family home on a short city lot was sold for re-development. The house is conveniently located between The Empty Bottle and Humboldt Park.