Exploring 2022’s Changing Neighborhoods of Chicago

In my last post we were just starting to explore what seemed to be growing neighborhoods, according to the 2021 year end report. Since it was nearing the end of 2022 we were able to look at how they were fairing and found that year over year they had all dropped in units sold. Now that the annual report is out for 2022 we can easily see which neighborhoods did see growth in 2022. It will likely surprise no one in the real estate industry that the number of neighborhoods that had more closed sales in 2022 vs 2021 dropped dramatically!

In 2021 there were a total of 60 neighborhoods that saw a growth in units sold. This is looking at the official 77 community areas of Chicago. In 2022 only 17 neighborhoods saw more closed sales than they had in 2021! The exciting questions are, did these communities also see growth in 2021? If so how much? If not why the sudden spurt of growth? Also, what has been going on with the 17 neighborhoods that did not see growth in 2021? Let’s dig in!

Nine communities saw growth in both years. Eight communities saw growth in 2022 after seeing a decline in 2021.

Nine communities did not see growth in either year.

In the upcoming posts this year let’s explore the communities that saw growth in 2022, but not 2021. Are there any big developments occurring that could be spurring this growth? Will they continue to grow in 2023? We will also take a look at the ones that have not seen growth in either year. Are those communities stable or shrinking? If the latter is there something that might be driving the home sales down? Finally we will dig into each of the nine communities that saw growth in both years. Has this been ongoing? Is it something that might continue throughout 2023 and into 2024? What investment opportunities do each of these communities hold? Stay tuned!