Loading Content...
Canaryville: Rising Home Values and Ownership Rates in a Resilient Chicago Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Canaryville, a neighborhood in Chicago, Illinois, has experienced significant changes in its housing market over the past decade. This analysis examines trends in homeownership rates, average home prices, and average rent prices, providing insights into the neighborhood's real estate dynamics. Homeownership in Canaryville has fluctuated over the years, with a recent increase. The homeownership rate was 59% in 2013, declined to 52% by 2017, and then rebounded to 61% in 2022. This trend coincides with changes in average home prices. The average home price in Canaryville has grown substantially, increasing from $184,339 in 2010 to $323,969 in 2022, a 75.7% rise over 12 years.
The relationship between federal interest rates and homeownership rates in Canaryville follows established patterns. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates initially decreased but then stabilized and began to rise. The low interest rates likely contributed to more affordable financing options, encouraging home purchases. The slight dip in homeownership from 2013 to 2017 could be attributed to other factors such as changing demographics or local economic conditions.
Renter percentages in Canaryville have inversely mirrored homeownership trends. The renter population increased from 41% in 2013 to a peak of 48% in 2016-2017, before declining to 39% in 2022. Average rent prices have shown a general upward trend, rising from $968 in 2013 to $1,258 in 2022, a 30% increase over nine years. The population fluctuations, peaking at 5,910 in 2013 and settling at 5,027 in 2022, may have influenced these rental market dynamics.
In 2023 and 2024, Canaryville's housing market continued to evolve. The average home price slightly decreased to $321,136 in 2023 but rebounded to $328,055 in 2024. This trend occurred alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. Despite higher interest rates, the neighborhood's housing market has demonstrated resilience, maintaining relatively stable average home prices.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $370,000 by 2029. Average rent prices are expected to follow a similar trajectory, with an estimated annual growth of 3-4%, potentially surpassing $1,450 per month by 2029.
In summary, Canaryville has experienced a resurgence in homeownership, accompanied by significant growth in average home prices. The rental market has seen steady increases in average rent prices, despite fluctuations in the renter population. The neighborhood's real estate market has shown resilience in the face of rising interest rates, and both home prices and rent prices are projected to continue their upward trajectories in the coming years.
