Unveiling Luxury: A Deep Dive into Lincoln Park’s Million-Dollar Single Family Luxury Real Estate Market with Standard Deviation Analysis
Lincoln Park, a vibrant Chicago neighborhood renowned for its historic architecture, lakefront charm, and upscale atmosphere, has long been a magnet for discerning homebuyers. But beyond its undeniable allure, a deeper analysis reveals fascinating trends in its luxury market, specifically within the realm of million-dollar and above single-family homes.
This article delves into the MILLIONEUM ALLURE SCORE℠, a unique metric that quantifies the attractiveness of an area based on sales of million-dollar single family homes. We’ll explore the rankings for various streets within Lincoln Park, analyzing data from 2018 to 2023. We’ll also incorporate the standard deviation of year-over-year changes in the MILLIONEUM ALLURE SCORE℠ to assess investment risk.
| CHICAGO LINCOLN PARK STREETS MILLIONEUM ALLURE SCORE℠ RANKINGS | |||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2023/2022 CHANGE | STANDARD DEVIATION ON THE YEAR OVER YEAR MILLIONEUM ALLURE SCORE℠ CHANGE | ||
| 1 | DAYTON | 568.99 | 290.02 | 478.85 | 100.65 | 158.55 | 176.65 | 96.19% | 1.572764869 |
| 2 | CLEVELAND | 275.77 | 288.14 | 220.88 | 121.18 | 206.6 | 149.78 | -4.29% | 0.416110265 |
| 3 | ORCHARD | 255.14 | 117.64 | 134.74 | 1.93 | 28.61 | 13.87 | 116.88% | 27.41926064 |
| 4 | BURLING | 191.16 | 85.46 | 753.04 | 221.83 | 330.97 | 212.83 | 123.68% | 1.157792614 |
| 5 | FREMONT | 122.26 | 593.35 | 612.48 | 196.47 | 184.33 | 45.44 | -79.39% | 1.453537372 |
| 6 | MAGNOLIA | 98.98 | 148.1 | 67.22 | 41.02 | 320.47 | 51 | -33.17% | 2.173929276 |
| 7 | HUDSON | 59.92 | 141.72 | 489.97 | 15.93 | 3.72 | 11.09 | -57.72% | 11.86834109 |
Leaders of the Pack: Dayton and Burling Streets
Dayton Street reigns supreme, boasting a remarkable 2023 MILLIONEUM ALLURE SCORE℠ of 568.99. This signifies a staggering 96.19% increase compared to 2022, highlighting a meteoric rise in the desirability of million-dollar properties on this street. Burling Street also exhibits a noteworthy surge, with a 123.68% increase in its 2023 score compared to 2022. Here, the standard deviation of 1.1578 suggests a somewhat predictable upward trend, making it a potentially lucrative option for investors comfortable with moderate risk.
Shifting Tides: The Case of Fremont and Magnolia Streets
Fremont Street presents a contrasting narrative. While it held the top spot in 2022, its 2023 score reflects a significant 79.39% decrease. This could be attributed to a shift in buyer preferences or a temporary market correction. The high standard deviation of 1.4535 indicates a more volatile market on Fremont Street, suggesting a riskier investment compared to Burling. Magnolia Street also shows a decline, albeit less pronounced, with a standard deviation of 2.1739, signifying a market with higher uncertainty.
A Tale of Two Streets: Cleveland and Orchard
Cleveland Street maintains a relatively stable score across the years (standard deviation of 0.4161), indicating a consistent level of allure for million-dollar properties. This suggests a well-established luxury market on this street, potentially offering a safer investment with a more predictable return. Conversely, Orchard Street exhibits a significant 116.88% increase in its 2023 score. This dramatic rise, coupled with a high standard deviation of 27.4193, suggests an emerging hotspot for luxury buyers seeking value and potential for future appreciation. However, the high standard deviation also indicates a market with significant risk and potential for volatility.
Safest Streets for Investment Based on Standard Deviation
Based on the standard deviation analysis, here’s a breakdown of the streets in terms of investment risk:
- Safest: Cleveland Street (Standard Deviation: 0.4161) – Offers a stable market with predictable returns.
- Moderate Risk: Burling Street (Standard Deviation: 1.1578) – Offers potential for growth with some level of market volatility.
- Higher Risk: Fremont Street (Standard Deviation: 1.4535) and Magnolia Street (Standard Deviation: 2.1739) – More volatile markets with the potential for high returns or significant losses.
- Highest Risk: Orchard Street (Standard Deviation: 27.4193) – Emerging market with significant potential for growth but also carries the highest level of uncertainty.
A Call for Further Research
This analysis provides a glimpse into the dynamic nature of Lincoln Park’s luxury market. By combining MILLIONEUM ALLURE SCORE℠ data with in-depth market research and considering the standard deviation for risk assessment, investors and buyers can make informed decisions in this ever-evolving landscape.