by Nick Nastos
on Saturday, November 12th, 2016 at 9:00am.
There’s no denying that the 606 Trail has added an appealing amenity for countless residents living in a number of different neighborhoods on Chicago’s west side, and in only the short time the 606 has been usable, the impact it’s already having on the housing market is nothing short of jaw-dropping.
Earlier in the month, the Chicago Tribune noted that single-family homes along the 606 Trail have spiked in value by 48.2% since groundbreaking for the new greenway started back in 2013. And while the increase in home values is certainly not surprising, the pace at which home prices are jumping up to is catching some soon-to-be home buyers off-guard.
Much of the 606 Trail runs through Logan Square, Humboldt Park, and in between Bucktown and Wicker Park, where home prices have already been skyrocketing over the past couple years. But the unfortunate reality for many who already live in homes or apartments west of Western Avenue is that demand for housing near the 606 Trail is also driving rents up, and long-time residents out.
Developers have also taken notice of what’s happening around the 606 Trail and construction sites have almost become part of the everyday landscape in the area. And if you think condos, apartments, and lofts near the 606 Trail are expensive, consider newly developed single-family homes are almost guaranteed to exceed $800,000 when it’s all said and done.
Are you looking for a new home on Chicago’s west side? Tell us what your thoughts are on the 606 Trail and whether you’d be willing to pay a premium to live near one of the city’s hottest new outdoor amenities in the comments section below!