I recently helped a family friend purchase a single family home in the highly-regarded Coonley Elementary School District. Coonley is rated as a 10/10 by greatschools.org, and as such, is a highly desirable destination for young families. This desirability increases demand, which as basic economic theory tells us, leads to increased home prices.
As always, I wanted to make sure my clients were paying a fair price for their home, so I did a comprehensive analysis of what single family homes sell for the Coonley Elementary district. I looked at data for all the closed single family homes in the over the last twelve months. This list reflects homes that are “move-in ready”. To keep the data cleaner, I stripped out homes that were sold for land-value or needed significant rehab work to be made livable.
And below are sales from the last six months (again adjusted for tear-down / land value only sales)
The numbers do not change a whole lot for six versus twelve months. In both data sets, the median sale price is approximately $1.1mm and dollar per square foot is +/- $300.
This also jives with what is currently on the market in the Coonley district, as seen in the table below (as of this writing):
As we can see from the data above, it is not cheap to buy a single family home in the Coonley School district. I did this same analysis for the equally-regarded Bell Elementary School and it proved even more expensive. LTM median sale price was $1.15mm, L6M median sale price was $1.05mm and median active listing price is a mind-bending $1.65mm.
A would-be homebuyer can reasonably expect to pay somewhere around $1.0mm -$1.2mm for a move-in ready house in one of these school districts. If you want to get in the district for less, you will have to either look at homes that need rehab work or condos (there are not many condos available in the area – there isn’t much high-density housing).
It will be interesting to see if other elementary schools in the area begin to improve as more money moves into the general North Center / Ravenswood / Lincoln Square area. I expect schools like McPherson, for example, to see a stark improvement in their ratings over the coming years. The average listing for a SFH in the McPherson district is nearly $1.3mm. With that kind of money moving into the area, it is only a matter of time before the school sees a bump in private fund-raising, which should theoretically lead to improved student performance.