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Edgewater Homes Nearly Double In Square Foot Price Since 2012

5411 N. Wayne Ave list at $1.65 million

Many Edgewater homes on the market right now are selling for well over a million. With families buying and gutting out existing structures, several factors help drive up the price in the neighborhood.

People started getting shut out of the Lakeview community to our south around 2012, a Chicago Magazine article reported. Back then, prices were around $211 per square foot in Lakeview compared to just $98 per square foot in Edgewater according to Redfin. Home buyers were looking for deals in another area close to the lake that offered the same conveniences.

Many found the Edgewater’s lakefront proximity, cool restaurants, good schools and multiple L stops the perfect option to buy their dream home. So, it was just a matter of time until the home prices in the neighborhood shot up. This past March, home prices were around $178 per square foot in Edgewater. City average is $134 per square foot.

Many new residents that move into the area are also attracted to the oversized lots and thriving art and theatre scene. With the luxury homes on the site of the old Edgewater Medical Complex and the plans for a new Peterson Metra stop looming, real estate listing could rise further.

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