Edison Park Real Estate Market Forecast 2023

Edison Park Real Estate Market Forecast 2023

Located at the northwestern edge of Chicago, Edison Park was named in honor of the famous American inventor Thomas Edison. Edison Park has reinvented itself over the last 130 years. The area was first settled by German farmers, and thanks to the development of the railroad, became more accessible and began to grow. As towns and villages sprung up near Chicago, Edison Park competed with them to attract residents. By the end of the 19th century, new residents were drawn to the area because it was one of the earliest cities to offer electric power, it boasted an artesian well and a fire department, and residential construction projects had resulted in many lovely new homes.

Today, Edison Park’s population has swelled to nearly 13,000 residents. This enclave provides the best of both worlds — easy transit into the Chicago city center via the Metra and enough distance from urban congestion to offer a cozier suburban atmosphere. Edison Park is considered one of the best neighborhoods in Chicago to buy a home (out of 94 distinct districts that comprise greater Chicago), and it’s rated in the top 10% of Illinois locales for young professionals. Residents love the close-knit community feel, the family-friendly atmosphere, parks, excellent schools, and the wide variety of restaurants and shops.

What’s happening in Northwest Chicago real estate?

A side-by-side analysis of the city of Chicago with  the  Chicago’s suburbs reveals the desirability of Edison Park and neighboring neighborhoods. Homes on the outskirts of Chicago have a median list price of $530,000, in contrast with the city’s $369,450. Relatively few homes are on the market, as when they are listed, they are typically sold within two weeks. This indicates the seller’s market is strong for Edison Park real estate, with homes selling faster in recent months than they have at any point over the last five years.

A large-scale people movement to the suburbs picked up momentum during the COVID-19 pandemic. In the midst of the shutdown, “home” shifted from the place where families regrouped at the end of the day to the hub for all facets of life. Students learned at home; adults worked at home. Leisure time was spent increasingly at home. As people began to look at their homes in more functional, multi-faceted ways, they began to desire more spacious layouts and larger lots. As the nation recovered, the hunger for connection and community has continued to support the suburban movement, and neighborhoods such as Edison Park have a relational, smaller-town feel.

What does the current market mean for you?

Regardless of the side of the negotiation table you find yourself in, savvy strategies and the wisdom of local expert agent Trisha Kannon can help you achieve your real estate goals.

Looking to buy in Edison Park?

Preparation is key if you don’t want to miss that perfect new home. Begin your home search ready to make an offer by taking these steps:

  • Organize your finances. Pay off debts and create a reasonable home-buying budget.
  • Set aside funds for a down payment.
  • Research mortgage lenders and get prequalified for a loan (unless you’re paying cash).
  • Compile a list of needs and wants to suit your family’s lifestyle.
  • If you currently own a home, prepare it for listing. I can help with a plan!

Looking to sell in Edison Park?

Now is a great time to sell your Edison Park real estate. The demand for houses FAR exceeds the number of homes available, so if your house is move-in ready, you can expect to sell it at a great price and in fast.  Here are a few tips to make your house stand out:

  • Clean out any clutter and personal items that are sentimental only to you.
  • Reduce the contents of closets and cabinets by half.
  • Critically assess the condition of the house and make all needed repairs.
  • Apply fresh paint inside and out and spruce up the landscaping.
  • Have a relocation plan in place, as this transaction may go very quickly.

What is the cost of living in Edison Park?

Because Edison Park is a desirable and well-established community, home ownership will be more expensive than living within the city limits, but the rewards are certainly worth the costs. Chicago, as a whole, has a 2.9% higher cost of living than the national average. If you’re moving into this area from another metropolitan center, you can expect to save on healthcare, utilities, and groceries but may find transportation significantly more expensive.

What’s ahead for Edison Park real estate?

At the federal level, interest rate hikes have been introduced numerous times over the last year in order to curb inflation. Experts in the economic sector are chiming in on where rates are headed next, and the news is good for the real estate industry. The prevailing notion is that interest rates have already seen their peak and are going to continue on a slow-and-steady decline over the duration of 2023. By the end of the year, rates are predicted to be in the range of 5.2%-6%.

As inflation returns to a healthy growth rate, interest rates will stabilize. More people will feel confident in making a move, and the buyer will be able to stretch their budget further. As this happens, the market will only heat up. Additionally, real estate “season” is upon us, with a surge in available housing options entering the market. Late spring and summer months annually experience increased inventory and relocation activity. For both buyers and sellers, that means competition for the sale will increase, so time is of the essence.

Make a move

Whether you are looking to buy or sell Edison Park real estate, your best ally in the process is a local real estate expert. Trisha Kannon is a long-time resident of Northwest Chicago. She welcomes the opportunity to introduce you to her hometown and help you realize all of your real estate goals. Give her a call today.

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Trisha brings an in-depth knowledge to every transaction. Providing up to date market analysis and guiding clients with an approachable style and unwavering integrity is her top priority.

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