Lexington Expands in Bridgeport Again

CHICAGO—It took Jeff Benach, co-principal of Chicago-based Lexington Homes, about three years to sell the 39 Lexington Square homes he built in the south side neighborhood of Bridgeport just before the recession hit. But by this spring, everything changed. In the same neighborhood, they sold four Lexington Square2 homes in March alone. “We were pleasantly surprised,” says Benach. Thirteen of these 24 homes have been sold, and this acceleration in sales has enticed Benach to build even more new product.

According to statistics recent published by the Illinois Association of REALTORS®, a total of 16,012 homes were sold in July, an increase of 28.5 percent over July 2012. Furthermore, the median price for homes was $169,000, up 14.2 percent from the previous July. The trade group says that this marks 25 consecutive months of year-over-year sales increases.