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A Post-Peak Look at the City

The S&P/Case-Shiller Home Price Index reported that home values in the Chicago region are down about 31 percent from their September 2006 peak. But what’s happened in your particular neighborhood or suburb?…

The S&P/Case-Shiller Home Price Index reported that home values in the Chicago region are down about 31 percent from their September 2006 peak. But what’s happened in your particular neighborhood or suburb? Using figures from our annual real-estate charts—the latest installment is in the October 2011 issue of Chicago, on newsstands now—I have compiled stats on all 77 city neighborhoods and more than 200 suburbs to see how different communities are faring in these post-peak years. I’m looking at city neighborhoods today; come back next Wednesday for details on the suburbs.

In the city, the five neighborhoods where house prices have fallen the furthest since their peak year are all moderate-income areas that have been devastated by foreclosures, job losses, and other repercussions of the economic downturn. The communities where prices have fallen least are largely longtime affluent neighborhoods, suggesting that the “flight to luxury”—that is, a clinging to established high-quality brand names—is at play in the Chicago real-estate market.

As you will see next week, the situation in the suburbs is a bit different. There is a similar group of hard-hit moderate-income towns at the bottom of the list, but it’s not the elite towns occupying the top tier. You will have to come back next week to see that list; for now, here are the city neighborhoods. First, the neighborhoods with the biggest and smallest drops. (These numbers are based only on the sale of single-family houses, not the sales of townhouses and condos.)

BIGGEST DROPS FROM PEAK
(% drop from peak-year average house price to 2011 average house price)

TOWN

% DROP

Riverdale

88.62

West Garfield Park

85.08

Washington Park

84.74

West Englewood

84.12

Englewood

77.60

 

SMALLEST DROPS FROM PEAK
(% drop from peak-year average house price to 2011 average house price)

TOWN

% DROP

Near North

3.85

Lakeview

11.47

Hyde Park

12.27

Kenwood

13.95

Lincoln Park

15.43

 

The chart below shows each of the 77 Chicago neighborhoods; it shows the year the average house price peaked followed by the percentage drop from peak-year average house price to 2011 average house price.
 

HOUSING PRICE DROPS IN CHICAGO NEIGHBORHOODS
(% drop from peak-year average houseprice to 2011 average house price)

TOWN

YEAR HOUSE
PRICE PEAKED

% DROP

Albany Park

2008

36.96

Archer Heights

2006

49.25

Armour Square

N/A

N/A

Ashburn

2007

46.87

Auburn Gresham

2006

57.90

Austin

2007

57.83

Avalon Park

2007

52.64

Avondale

2007

47.69

Belmont Cragin

2006

58.15

Beverly

2007

30.07

Bridgeport

2007

34.68

Brighton Park

2007

59.22

Burnside

2007

51.83

Calumet Heights

2007

48.42

Chatham

2007

52.35

Chicago Lawn

2006

64.03

Clearing

2007

39.40

Douglas

2008

49.80

Dunning

2006

47.66

East Garfield Park

2007

72.23

East Side

2007

42.16

Edgewater

2008

26.12

Edison Park

2007

33.40

Englewood

2006

77.60

Forest Glen

2007

23.09

Fuller Park

2008

18.53

Gage Park

2006

61.91

Garfield Ridge

2006

40.25

Grand Boulevard

2006

56.97

Greater Grand Crossing

2007

61.98

Hegewisch

2008

25.33

Hermosa

2007

62.22

Humboldt Park

2007

70.36

Hyde Park

2007

12.27

Irving Park

2007

45.15

Jefferson Park

2007

39.01

Kenwood

2007

13.95

Lake View

2006

11.47

Lincoln Park

2008

15.43

Lincoln Square

2007

20.85

Logan Square

2008

33.47

Loop

N/A

N/A

Lower West Side

2006

52.74

McKinley Park

2006

48.09

Montclare

2007

51.76

Morgan Park

2007

39.82

Mount Greenwood

2007

22.84

Near North Side

2007

3.85

Near South Side

2007

22.58

Near West Side

2008

52.29

New City

2006

75.44

North Center

2008

15.84

North Lawndale

2006

71.59

North Park

2007

33.93

Norwood Park

2006

32.24

Oakland

2007

56.24

O’Hare

2006

30.15

Portage Park

2006

47.12

Pullman

2007

48.61

Riverdale

2007

88.62

Rogers Park

2006

43.76

Roseland

2006

58.84

South Chicago

2007

57.21

South Deering

2007

52.55

South Lawndale

2006

72.81

South Shore

2008

49.09

Uptown

2008

34.92

Washington Heights

2007

48.34

Washington Park

2006

84.74

West Elsdon

2007

51.84

West Englewood

2006

84.12

West Garfield Park

2007

85.08

West Lawn

2007

52.73

West Pullman

2006

60.44

West Ridge

2007

37.35

West Town

2007

25.91

Woodlawn

2007

76.39

 

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