Niles Ranked As A Top Location For First-Time Homebuyers

NILES, IL — In its April issue, Chicago Magazine assessed the real estate market throughout the Chicago area to explore the best neighborhoods and suburbs for buying property. The "Where to Buy Now" list provides data about the changes in home prices over time and is broken down into four categories, representing distinct types of buyers: "downsizers", "mover-uppers", "first-timers" and "risk takers".

Norwood Park, Rogers Park and South Shore were ranked the top neighborhoods in Chicago for first-time homebuyer, a category that examined areas containing small houses and condos with solid appreciation and not much volatility prices between $150,000 and $400,000. In addition to Niles, Des Plaines and Melrose Park made the list.

Here are the stats for Niles:

• Median house sale price: $296,000
• Change since 2006: -26%
• Change since 2015: 7%

There are lots of options for young families willing to renovate a property as the population of older residents declines. While home prices in Niles have fallen dramatically since their pre-crash peak, they continue to recover at a healthy rate. Located in excellent school districts, the village is also working to expand its entertainment options.

» More from Chicago Magazine's "2017 Where to Buy Now" list

Top photo: Patch file