North Maywood Listed Among Chicago Area’s Hottest Neighborhoods For 2014 According To Online Real Estate Brokerage Redfin
By Michael Romain
North Maywood, the Susan Lucci of Neighborhoods?
January 14, 2014 — The real estate brokerage and technology company Redfin just released its annual “Hottest Neighborhoods” listing and North Maywood is on it. The listing is based on the online activity of its website users (according to its site, Redfin tallied “hundreds of millions of pages they visited and homes they added as Favorites to monitor for price changes or sales”) and a survey of real estate agents across the country.
Redfin’s methodology is particularly geared toward tracking what it calls ‘buzz’. That buzz, according to Redfin’s CEO Glenn Kelman, seems especially potent around neighborhoods that, while marginally less affluent than typical ‘hot’ real estate markets, are nevertheless much more affordable.
“After a year in which prices popped 13%, Americans are checking out still-close-in but often-overlooked neighborhoods in search of affordability, even if means less-fashionable restaurants or a home that needs a little more work,” said Kelman on the company’s website.
“Like the actress who was nominated for 18 Emmys before finally winning, these are the Susan Luccis of neighborhoods, finally getting their due. The buyers who have made these alternative spots so hot aren’t like the ones we saw in the last boom, who just borrowed more and paid up. Our clients in 2014 have settled on a price range, and they’re sticking to it.”
According Redfin, the median sale price of North Maywood homes is $70,000, that’s the lowest median price among the five hottest neighborhoods in the Chicago area that the company identifies. The low median, however, may be contributing to North Maywood’s online buzz. Pageviews of Maywood homes were up by 212 percent since last year. For more North Maywood housing statistics, see the chart below. VFP
More on Redfin’s Hottest Neighborhoods of 2014 right here.