In the 1930s, Englewood was home to about 90,000 residents and was thriving. Since the Great Depression, the area’s population has significantly declined due to increased crime, falling real estate values, and a lack of high-paying jobs. The Englewood Chicago real estate market continues to struggle.

However, not all is lost in the Englewood area, as some promising statistics show another part of the picture. Several eclectic coffee shops and restaurants have emerged, and events like the Englewood Jazz Fest sustain their popularity each year at Hamilton Park.

Community organizations also seek to paint a better picture of Englewood, including Teamwork Englewood and the Residents Association of Greater Englewood (RAGE). Business incubators are also popping up, like Englewood Blue. These organizations seek to improve the community and push for a better representation of Englewood in society.

Englewood Foreclosures

While Englewood Chicago real estate values have dropped in recent years, the number of foreclosure listings in Englewood decreased. Foreclosure units went from 291 units in early 2021 to only 84 units in Q1 2022, showing a steep decline in borrowers forced into foreclosure.

Englewood Chicago Real Estate Market

At the same time, Englewood also showed a drop in median list price over the past year. In Q1 2021, the median list price in the Englewood area was $140,000 and has since dropped to $87,368. Due to the effects of inflation, the total volume in Englewood has also dropped off from roughly $47 million in Q1 of 2021 to $1.6 million in Q1 of 2023.

These numbers may be staggering, but the Englewood area’s real estate and foreclosure markets continue to evolve. With the efforts by the U.S. government to slow inflation, we can expect to see more homes come onto the market in Englewood to balance out the housing market. We should also start to see some much-needed economic development for residents living in Englewood to improve living conditions and stimulate the job market.

Contact our Englewood Real Estate Specialists for More Info on Your Property

In the meantime, if you are in Englewood and need to sell your home in a depressed market, contact us at 847-710-7093 to set up a free appointment with our team. We visit your property and make an offer on a property in almost any condition.