Ukranian Village, a quaint little town located in Chicago's West Town, topped the "Hottest Neighborhood" list this year. The survey, conducted by Redfin, was based on data gathered from their readers' input and market reports. This year's criteria are affordability, public access and charm.
According to real estate analysts, today's homebuyers are looking for inexpensive properties located in "livable communities" that offer shops and easy public commute. Moreover, another trend that buyers are now into are unique homes and communities with character.
Chicago's Ukranian Village ticks off all categories. The neighborhood was originally home to Polish and Slovak immigrants in the late 1800s. During World War I, Ukranian refugees made their way into the area, hence the name.
According to Elle Decor, this historical hotspot is close to some of the best local bars in Chicago's West Side. Specialty shops and landmarked buildings are also plenty. Median sale price for a property is not entirely cheap at $472,000, but the neighborhood has a high sale-to-list average at 98.6 percent.
"Ukranian Village itself is tranquil, but bordered on all four sides by business and nightlife corridors. For someone who wants a single-family home while still enjoying life, the location is ideal," Redfin's agent Niko Voutsinas reported. "Plus, the homes have very high curb appeal, as compared to adjacent neighborhoods. Much of Ukranian Village is landmarked, so you'll find brick and stone housing built in the late 1800s."
This is the first time Ukranian Village made it to the list. Meanwhile, it is interesting to note that for the first time, the San Francisco Bay Area did not make the cut. Nela Richardson, Redfin's chief economist, attributed it to soaring sale prices.
"In fact, one in four Bay Area users of Redfin.com are now searching for homes in other cities. San Diego and Los Angeles, home to some of the the nation's highest real estate prices, also failed to make the top ranks this year," Richardson stated.
Rounding off the top 10 are Nashville's Eastwood, Minneapolis' Ericsson, Hyde Park Texas, Mount Pleasant in Washington, D.C., El Camino Real in Irvin, California, Baltimore's Hampton, Minneapolis' Powderhorn Park, and Roosevelt in Seattle.
