Ukrainian Village is predicted to be not only Chicago’s hottest ‘hood this year but also the country’s hottest ‘hood, according to a new report from real estate brokerage firm Redfin.
House hunters searching home listings on Redfin’s website are driving the rankings. The Hottest Neighborhoods of 2016 report ranked neighborhoods in 31 metropolitan areas across the nation based on the growth in page views and favorites on Redfin.com and its app for the second half of the year, according the report, released Thursday.
“Ukrainian Village itself is tranquil, but bordered on all four sides by business and nightlife corridors. For someone who wants a single-family home while still enjoying city life, the location is ideal,” Redfin real estate agent Niko Voutsinas was quoted as saying in a Redfin news release.
“Much of Ukrainian Village is landmarked, so you’ll find brick and stone housing built in the late 1800s, rather than the trendier (and more expensive) new construction condos nearby and on the neighborhood’s main thoroughfares.”
While Ukrainian Village is generating interest in its real estate, the neighborhood is home to places many Chicagoans check out whether they’re renters or homeowners, like Empty Bottle and Fatso’s Last Stand.
Other neighborhoods in the Chicago area on Redfin’s list are the West Loop and East Village.
For Chicagoans who think East Village is in New York, Chicago’s East Village neighborhood, also known as the East Ukrainian Village, is bounded by Division Street south to Chicago Avenue and Ashland Avenue west to Damen Avenue, an area many Chicagoans simply refer to as the community area of West Town. Popular restaurants Homestead on the Roof and The Winchester fit within those boundaries.
“East Village offers many new construction opportunities, which appeals to many buyers. It’s in the heart of the nightlife corridors along Damen, Division, and Chicago Avenue. The transit is also very convenient, via the Blue Line,” Voutsinas said.
Obviously, the West Loop has seen explosive growth recently in housing and restaurants, including a mix of upscale and casual choices such as Bar Siena, Green Street Smoked Meats and Little Goat, to name a few.
“The combination of hot restaurants and easy access to the Loop is appealing. The West Loop area has also established itself as a desired location for startups and tech companies,” Voutsinas said.
Redfin data show that homes for sale in those three neighborhoods don’t stay on the market for long. According to Redfin, the median sale price in 2015 was $472,000 for Ukrainian Village, $368,500 for the West Loop and $482,200 for East Village—all way above the $245,700 for Chicago proper.
The neighborhoods are projected to see greater interest, sales and prices in 2016, the Redfin release stated.
The top 10 hottest neighborhoods in the U.S.:
1. Ukrainian Village in Chicago
2. Eastwood in Nashville, Tenn.
3. Ericsson in Minneapolis
4. Hyde Park in Austin, Texas
5. Mount Pleasant in Washington, D.C.
6. Midtown in Ventura, Calif.
7. El Camino Real in Irvine, Calif.
8. Hampden in Baltimore
9. Powderhorn Park in Minneapolis
10. Roosevelt in Seattle