(Click to enlarge.)
Houses sold for a median of $64,500 in Humboldt Park last quarter, the eighth straight quarter the figure has been below $100,000. In 3Q2007, the median house sold for $225,000 in the neighborhood. The median price has fallen 71 percent in just over three years.
Is it a result of very low volume? The chart proves it’s not. Many might be short sales or repeated sales, but this is not a case of a neighborhood seizing up and the handful of odd sales bringing the median or average down. In fact, these days there are just as many (if not more) sales in the neighborhood than during the boom.
Humboldt Park is no yuppie paradise, but neither is it a desperately poor neighborhood. People still live and work there. It may be a long time before selling prices of homes recovers, but in the mean time, this is probably a good neighborhood for investors to buy homes or small apartment buildings to rent out.
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