Chicago has so many neighborhoods that are constantly shifting, and the most recent movement has been closer to the south. The North Side of Chicago has been a hot spot near Lakeview and Andersonville, and both continue to be coveted, but farther north towards Rogers Park, it seems businesses and residents are beginning to bail. The crime is increasing, and the nearby neighborhoods are swimming in foreclosures. And although the south of Chicago is still experiencing difficulties, revitalization is creeping closer to Humboldt Park.
Here are the top three neighborhoods that should be hot in 2013:
Up and coming is definitely the right phrase for Chicago's Logan Square neighborhood. It's not completely glamorous, which leads to its slightly more budget-friendly ways, and bordering the struggling Humboldt Park has only helped to keep prices lower. On the other side, it is accompanied by the popular Bucktown and Wicker Park neighborhoods that are crawling with young professionals, artists, and some single families.
In the last few years, Logan Square has been attracting new businesses that are helping to make the area more attractive. There are great restaurants now and lovely specialty shops. And fine dining is attracting a different clientele, along with an acknowledgement of the neighborhood. The real estate here is also beginning to pick up with the influx of quality businesses, but it is still more affordable than some of the nearby neighborhoods, like Bucktown.
Based on statistical data of home prices and demand, Redfin has named Logan Square the eighth hottest neighborhood in the U.S. After speaking with local Chicago agents and looking at the real estate inventory, rising costs, and increasing sales, they picked Logan Square for the top 10 up-and-coming neighborhoods.
West Town's Noble Square/East Village
Chicago's West Town contains many neighborhoods, but most notably Noble Square and East Village. West Town has been on the rise over the last few years, with top-notch restaurants moving into River North, Wicker Park, and Bucktown. Now that those neighborhoods are maxing out on space, residents are turning to West Town's hidden gems, Noble Square and East Village. According to Redfin agent Jenna Smith, "This area has a lot going for it, and buyers are starting to realize this as the number of homes for sale in nearby Bucktown and Wicker Park shrinks and prices creep back up."
And even though this neighborhood is seeing great new businesses come in, it also has the luxury of shops in the neighboring Bucktown and Wicker Park neighborhoods that are already in their prime.
Avondale is sneakily becoming one of Chicago's hottest neighborhoods. It has found a way to attract new businesses and just recently became a hot spot for bottled craft brews with the opening of The Beer Temple. In addition, Avondale has seen top restaurants like the Pork Shoppe and Kuma's open in recent years, and it's home to the famous Hot Doug's. Hipsters are also making their way to the neighborhood, which is bringing value to the area. Right now, home prices are affordable in Avondale because some still view it as a sketchy neighborhood, but it is definitely on the rise. The neighborhood is very accessible, with two blue line stops and CTA buses. Avondale even has the confidence of broker and resident Patrick Schell, who says, "Properties average about 20 percent to 30 percent less here."
Janoa Taylor is a freelance writer with a background in business and finance. She has studied the neighborhoods of Chicago and moved around due to shifts in the neighborhoods. She offers a unique local perspective gained from years as a Chicago resident.
- Logan Square