Despite attempts by some to slow down gentrification along The 606, it seems slowing future development is unlikely. A recently released DePaul study shows a big jump in real estate prices along the western part of the trail in recent years, and it’s hard to imagine this trend slowing anytime soon.
In just the past seven years, prices have reportedly shot up a whopping 344 percent. Two northwest alderman attempted to freeze development in the area with a moratorium, but the mayor pushed back. In the meantime, however, the City Council has voted to ban demolitions, at least for the next six months.
Despite the short demolition ban, it may be too late to really have a big impact. While some have claimed the opening of the trail helped speed up gentrification, others claim it was already happening by the time the trail opened.
Construction on The 606 began in 2012 and the trail opened in 2015. Back around the time of construction, a report in the Real Deal mentioned the median sale price of buildings with under four units was just $97,000. In 2018, however, the number spiked to $430,000 along the westernmost part of the trail.
In the middle section of the 606, prices increased from just over $400,000 to over $600,000, while pricers along the eastern side of the trail spiked to $970,000 from just over $661,250.