If you are looking for information on Chatham, Chicago, you have landed on the right page. Chatham is a close-knit and self-sustaining neighborhood that—is only 10 short miles from downtown Chicago.

The History of Chatham

To better understand how this wonderful community came to be, we have to look at its history.

Originally known as Mud Lake and Hogs Swamp to Farmers and Hunters in the 1860s, many people weren’t exactly rushing to call Chatham home. It took 20 years before developers started creating housing in the area.

The first developments to start sprawling were factories and steel mills. The first notable development was the Cornell Watch Factory. Because more business started to flow into the area, this translated into more housing opportunities.

Working-class families of Italian, Hungarian, and Irish descent started settling down in this area. In 1889 this location became known as Chatham.

In the 1900s, the population of Chatham started multiplying. It went from 9,774 people to 36,288 by 1929. The population started to shift from working class to middle class.

Distressed Chatham Housing Market Overview

Since the neighborhood has changed much over the years, we want to help you stay abreast of changes to the distressed properties in the area. The chart below highlights changes in distressed houses sold in the area over the past few years. We specialize in helping homeowners in Chatham with their distressed properties.

The Chatham housing market is hot, but it has maintained good stability. With the rocky economy and the end of the Chicago foreclosure moratorium, we are sure to see more foreclosures in the next few months. . Below you can see

Quarter # Units Avg. MT Median List Price Avg. List Price Max List Price Min List Price Total Volume
Q1 2021 67 75 $215,000 $201,897 $390,000 $26,101 $13,527,066
Q2 2021 74 74 $237,500 $207,926 $389,000 $35,000 $15,386,500
Q3 2021 71 64 $225,000 $216,437 $450,000 $41,000 $15,367,060
Q4 2021 90 44 $225,000 $201,820 $475,000 $20,000 $18,163,799
Q1 2022 71 79 $200,000 $209,072 $459,000 $17,500 $14,844,134
Q2 2022 59 92 $195,000 $191,072 $390,000 $38,000 $11,310,400
Q3 2022 47 73 $185,000 $187,413 $400,000 $37,000 $8,808,395
Q4 2022 45 66 $184,900 $176,671 $355,000 $24,000 $7,950,199
Q1 2023 28 80 $157,000 $164,643 $349,000 $20,000 $4,609,991
Average 61 72 $202,667 $195,217 $450,000 $28,734 $15,376,780

What does the data mean?

First, if we take a look at the data from the past year, we can see that the average number of foreclosed homes that sold is 61. The average price that homes were listed is $202,667. The max price the homes were listed is $450,000. The average volume of homes sold per quarter is $15,376,780.

Second, while this inventory is low, keep in mind that it should start to rise in the next few months as more properties that were stalled during the moratorium come on the market. We are already seeing this with longer days on market in the general market.

Do you need to sell your Chatham Chicago home?

If you want to sell your home in Chatham, call 312-379-9625. We can provide you with an as-is, cash offer on your house today.