For decades, the forces of gentrification have been moving across Pilsen, changing the predominantly working-class Mexican neighborhood into a hotbed of new development. But in the last few years, the process has quickened, with housing prices soaring to levels seen in Logan Square and Humboldt Park.
To help illustrate the exponential increase in housing costs, we can look back to our Best Places to Live guide from 2016, which lists the typical sale price of a Pilsen home at $195,000 and a slightly more expensive condo at $290,000. In 2018, the Lower West Side community area, which includes Pilsen, had a median sale price of $336,000 — up a whopping 196 percent from 2013.
According to recent Redfin data, the Lower West Side now has a median sale price of $430,000 and a median listing price of $450,000. What’s more, the 99.8 percent sale-to-list price means that virtually every property is closing at sellers’ asking prices.
What do those ballooning price tags buy? Here’s a look at a handful of homes in the area that are on the market now.
648 West 16th Street, #2, $449,000
At the current median list price is a 1,800-square-foot, three-bedroom townhouse just a few blocks from the UIC campus. There’s also a private two-car garage included in the deal.
1710 West Cermak Road, #1W, $449,500
Brand new to the market, this spacious four-bedroom, four-bathroom unit offers enough room for a growing family at exactly the area’s current median listing price. Outdoor parking will be an additional $25,000, however, bringing the actual cost closer to $475,000.
2255 West Coulter Street, #5, $459,900
This row home development on the southwestern edge of Pilsen is also new to the area, completed just this year. According to the listing, only six units remain unsold, hinting at the steady demand for housing at this price point.
731 West 17th Street, #2E, $469,000
This aesthetic might look familiar from Humboldt Park and other gentrified neighborhoods — a contemporary take on a simple modernist design. Inside, you’ll find quartz and marble finishes. Barely broken in, the development was completed just last year.
3 weeks ago