While not one of Chicago’s more dominant commercial hotspots, this ‘hood on the near west side of Chicago has just been rated by Redfin as the #1 hottest neighborhood in America for 2016. But why?
The report states that the ranks are based off of page views and favorites but we have many more reasons of why and how to become a party of this market, whether an investor or owner occupant.
- Room for Development – While much of the neighborhood is landmarked, there are many older buildings that provide great investment opportunity for developers to tear down and start fresh. Ukrainian Village is full of new construction homes and condo projects. While resale median sale prices are up 6.0% in the past 12 months, new construction pushes higher by 14.8% since January 2015.
- Short Marketing Times – With an average Market Time of 26 days, Ukrainian Village homes are jumping off the shelves against the entire city of Chicago at 41 days on market.
- Location Location Location – Proximity to the CBD (Central Business District), or as Chicagoans put it “The Loop,” is key for many working families. Median income highly effects the hottest neighborhoods in the country so proximity to their income usually plays a big role in where big earners choose to live. Ukrainian Village, while not located in a highly dense, commercial hotspot area of Chicago, finds itself in one of the closest neighborhood-y locations.
- Culture – Check out our profile on the neighborhood and it’s history here.
While Ukrainian Village might not be the best location for one thing like housing product or club scene, it is the total package. This demonstrates why the locals have self appointed this area as the hottest neighborhood in the nation for 2016 by their home searches online.