Home values is Woodlawn are soaring to new levels, making it one of the hottest real estate markets, not just in Illinois, but in the country, according to estimates by real estate brokerage Redfin.
Between the months of February and July, Woodlawn saw the third highest increase in estimated home vales compared to the metro area in the country, according to DNAinfo. That jump puts Woodlawn right behind East Lake Terrace in Atlanta and Gert Town in New Orleans.
The Chicago area as a whole has seen an increase of about 4.6 percent in the first six months of the year, but Woodlawn home values jumped up by a massive 23 percent with some suspecting this increase had something to do with the construction of the Obama Presidential Center. Located in Jackson Park at the northeast corner of the neighborhood, many believe this building is bringing about change in the area, citing home values as one, according to DNAinfo.
While the market in Woodlawn is spiking in activity, it seems the community is keeping up with this change rather than letting it burn out. With one of the lowest median home prices on the list at $133,800, and one of the lowest percentages of homes selling over list price, at 22 percent, Woodlawn is holding strong to its No. 3 ranking on the Redfin list.
Third on the list right now does not mean third on the list in the future however, and Redfin suspects Woodlawn will drop out of the top 10 by the end of the year with First Hill in Seattle, Washington being expected to rise to the top of the list.