For more than a decade, new development has been spreading through the Pilsen neighborhood like wildfire. Recent reports indicate the trend has accelerated exponentially in the past couple years, helping to transform the predominantly working-class Mexican neighborhood into a hotbed of new construction.
The area has seen housing prices rise to levels found in Logan Square and Humboldt Park and current listings show that the demand to live in this area continues to grow.
According to Redfin data, back in 2018, the Lower West Side community area, which includes the Pilsen neighborhood, has an average home price of around $336K, which was an astonishing increase of nearly 200% since 2013.
The same report from early 2020 indicates that the Lower West Side currently holds a median sale price of $430,000 and an average listing price of $450,000.
Right now, a number of new projects are in the works throughout the Pilsen area that feature units right around that $450,000 benchmark, including the following
- The townhouses at 648 West 16th St. which are only a few blocks from the UIC campus.
- 2255 West Coulter Street, a row home development on the southwestern edge of Pilsen is new to the area and currently has only six units remaining unsold.
- Finally, located at 731 West 17th St. is a contemporary building with a simple modernist design. This is another development that was completed just last year.