Sheffield* neighborhood’s real estate market

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The average selling price of real estate in the neighborhood has been increasing, as has the number of closed transactions.  Average single-family home prices rose 27% from 2013 to 2014:  $1,467,230 to $1,860,773.  The number of condo sales decreased by 10% from 138 in 2013 to 124 in 2014, but the average selling price increased from $481,638 to $531,226, or 8%.  And, in keeping with the search for development property, the number of multi-unit sales rose 71% from 7 to 12, and the average selling price increased by 10%, from $899,286 to $986,450.  See the chart below.

Latest FYI’s

A property in the 2000 block of Fremont has been gutted and, according to public records, it sold for $1,225,000 in February 2014.  The tax-exempt DePaul Theatre School in the 2100 block of Kenmore will be transformed into four 42-ft wide, 8,000-9,500 sq feet homes, currently marketed in the MLS for $5,795,000-$6,195,000.  A property in the 2000 block of Racine that sold for $875,000 in September 2014 has been torn down and new construction has begun.

Paula Arnett is a Broker Associate with Baird & Warner specializing in residential real estate sales for over 25 years.

*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East, and the Chicago River on the West.

Sheffield Neighborhood*

Jan 1 through Oct 31**

  2014   2013   2012  
  # closed avg selling price #closed avg selling price # closed avg selling price
Single Family 39 $1,860,773 37 $1,467,230 35 $1,603,279
Condo 124 $531,226 138 $481,638 135 $476,954
Multi Unit 12 $986,450 7 $899,286 7 $806,000
Vacant Land 0 n/a 2 $601,250 2 $490,250
Total 175   184   179  

 

 

 

 

 

 

 

 

*Sheffield’s boundaries are Armitage on the South, Fullerton on the North, Halsted on the East and the Chicago River on the West.

**Reported from Midwest Real Estate Data LLC on November 5, 2014.