Near the end of August, Chicago—and all its neighborhoods—will play host to the Democratic National Convention, just as it did in 1996 and before that in 1968.
A lot about the City has changed since Bill Clinton was nominated by the Democrats in 1996. The Tribune Tower was home to the Chicago Tribune—not a place that homeowners called home. The Bean didn’t exist and there wasn’t a (Starbucks) roastery for coffee beans on Michigan Avenue. The Fulton Market had notoriety for being home to Oprah Winfrey and the Harpo Studio—but land prices hadn’t yet escalated to where they are now.
Sweet Home Chicago has always been about neighborhoods—Chinatown, Bronzeville, Lincoln Park, Edison Park, Wrigleyville, Rogers Park and Hyde Park. Those neighborhoods may be as well known for restaurants, shopping, markets and other ethnic and cultural offerings. Yet they are also places where people buy homes, perhaps for the first time, and settle down to start/raise a family.
In the days and weeks ahead, leading up to the DNC and extending well beyond, Pioneer Realty Group will share insights, perspectives and anecdotes on the Chicago market as a whole and individual markets and neighborhoods.
For the city as a whole, the most active markets in terms of the number of sales of detached single-family homes, now as DNC 2024 comes to town, and from DNC 1996 can be found in Ashburn, Portage Park, Dunning and Norwood Park. Some of these areas experience high sales volumes because of their affordability. Others, like Norwood Park, are favorites because for City workers, they represent markets farthest out of the city, but still with the needed city address.
The average sale price of a detached, single-family home in 1996 in select Chicago neighborhoods included Woodlawn, $56,600; Lincoln Square, $174,200; Hyde Park, 273,200; and Lake View, 347,400.
In expanding our look back at market and economic statistics since 1996 when Chicago last hosted the DNC, look at these facts:
- The average price of a used vehicle was ~$8,257; a new one cost $18,800;
- The average price of a six-pack of beer was $5.80;
- The average price of a gallon of milk was $2.62;
- The average price of one dozen eggs was $0.92;
- The average price of a loaf of bread was $0.89;
- The average closing of the Dow Jones Industrial Average was 5,739.63; today it continues to be near the 40,000 level
- In 1996, a share of Apple stock was $0.16; today it is over $215
- Independence Day, with Will Smith was the top grossing movie; Space Jam with Michael Jordan was also released in 1996.
- Bill Clinton was nominated at the Democratic National Convention in Chicago and Bob Dole was the Republican nominee.
Next up: As the eyes of the nation, and the world, turn their collective eyes to Chicago, we’ll start reviewing some of the neighborhoods.