By ALLISON MATYUS
An interesting spike has occurred in the Hyde Park housing market this summer, according to a recent real estate report.
According to a recent Redfin Chicago Market Tracker report, Hyde Park experienced dramatic price jumps last month. Prices were up 42.7 percent a year over year in July across 170 sales. Home sales also showed a 20.6 percent a year increase.
Currently, the listing price for a Hyde Park home is on average $169,000. The average sale price is $210,000.
The community’s increased real estate can be attributed to the new development and businesses coming into the area.
“There has been a definite increase in development in and near Hyde Park over the past few years,” said local Redfin agent Brian Cargerman. “Restaurants, retailers and a Whole Foods are moving into a new development in Hyde Park, which is a big draw for buyers in the market.”
The development he is referring to are the City Hyde Park apartments on the corner of 51st Street and Lake Park Avenue, which are expected to open this December.
Cargerman also mentioned the university’s involvement in the real estate increase. Homes that surround the campus that were previously only available to students are now being sold as residential properties, thus creating more housing options in the immediate area.
In regards to how this will affect both current and future residents of Hyde Park, Cargerman said he can’t be sure of the outcome.
“It’s too soon to tell,” he said. “The area is still undergoing lots of changes.”