Work Data Analysis

Our data set consists of Chicago residential real estate sales figures (prices, unit
sold, etc) over a period of 1992 – 2009 (18 years).

Our first chart shows median sales price of several Chicago neighborhoods. The
chart shows the comparison between the median sales prices of single family
homes and condominiums in 2009. The graph clearly shows that the areas of Near
north side, Lincoln park, and Lakeview had the highest sales prices for the single
price homes. The sales prices vary considerably for the single family homes in
comparison with the sales prices of condominiums. This is confirmed by the table of
the descriptive statistics. The standard deviation of the median single family home
prices is almost 6 times the equivalent for condominiums. The range for single
family home median prices is also about 6 times more than the equivalent for
condos. In the Near north side and Lincoln Park, the gap between condo and single
family home prices is much larger than in several of the other neighborhoods.

Our second chart displays the number of single family homes sold in the entire city
of Chicago for each year from 1992-2009. As you can see, the number of homes
sold generally rises with small dips until 2005, at which time it reaches its peak, and
substantially drops back to the 1993 level. From 2008-2009, it shows a positive
trend.

Our third table shows the median sales price increase over 1 year, 5 years, and 10
years. This indicates that all neighborhood have experienced sales price increases
ranging from 35% in Norwood Park to 144% on the Near North Side. Over one and
five year periods, some neighborhoods experienced sales price increases while
others experienced decreases. Lincoln Park and North Center are the only
neighborhoods that display positive growth rates over all three lengths of time.

Our fourth table shows descriptive statistics on median price for all 77
neighborhoods of Chicago from 2005 to 2009. The increase in standard deviation
and range from 2005 to 2009 indicates that the gap between median sales prices in
different neighborhoods is getting larger. The mean of sales prices hit its peak in
2007 and has decreased in both years since. The high outliers mentioned at the
bottom of the table indicate that there are 2-3 neighborhoods in the city with
significantly higher median house prices than the other neighborhoods.