Single-Family Home Sale Sets New Neighborhood Price Record

Published August 9, 2019

3800 block of South Paulina Street west side Chicago 20190809The 3800 block of South Paulina Street in Chicago includes a row of newer single-family houses.The recent sales contract for the home at 3826 S. Paulina St. set a new high price for single-family houses in the McKinley Park neighborhood of Chicago. Selling at $575,000, the home joins several single-family home sales within the past year exceeding half a million dollars.

Five new homes in the 1800 block of West 34th Street sold within the past year for more than $500,000, along with multiple single-family home sales in the 3300 block of South Justine Street and a home in the 1700 block of West 34th Street. All contain three-plus baths and between three and five bedrooms. They are all near other neighborhood residential development and rehabilitation projects.

The 3826 S. Paulina St. property was a single-owner home built by west suburban house builder James McNaughton. Neighborhood Realtor Jim Hankes, who is a sponsor of the McKinley Park News, conducted the sale as a representative of @Properties.

The McKinley Park neighborhood has recently been the focus of intense real estate interest, with Redfin pegging the community area as the top affordable neighborhood in the U.S. and the most desirable in Chicago. Zillow has noted a 17.1 percent year-to-year rise in McKinley Park's median home values, and earlier this summer predicted a further 7.3 percent rise within the next 12 months.

Meanwhile, neighborhood property tax increases have been relatively low: A recent analysis released by 35th Ward Alderman Carlos Ramirez-Rosa illustrated the property tax increases faced by majority Latinx neighborhoods and showed McKinley Park's 0.5 percent increase from 2017 to 2018 as one of the lowest increases in the city.

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