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*Note: You may have noticed our daily updates have not been daily lately. Unfortunately, we are having issues with our website that have held us back from the updates. We seem to be close to a solution, so hopefully, we can move forward and our website will be fully functioning soon! These charts will continue to represent the last month of activity, but we will continue to refer to our most recent reports.
Housing Type: Condo
Among the lower price condos inventory levels are creeping up since our last report. they are still very much in a sellers market and selling at a very fast pace. This just means sellers are listing their homes at a faster pace than they have been. The opposite is true among the $1m+ homes. Also in a seller's market, these homes are not being listed as fast as we have seen giving the ones that have been on the market opportunity to sell. The median sales price for condos in Lincoln Park was $415,000.
Price Range: $400,000-$800,000
Housing Type: Townhome
With most market times for sold townhomes being under a month, these homes continue to be in sky high demand. Even in the $600-700k range, where we saw the most sales the average market time was only 26 days. It's hard to imagine this trend dying down. We will likely see it continue for quite some time. The median sales price for townhomes was $695,000.
Price Range: $400,000-800,000
Housing Type: Single Family
Most of the homes listed for over $5m have been on the market for over 100 days. All of these homes demand a very particular buyer with a far deeper pocket book than most people have. The homes listed for under $3m, however, have a much larger buyers pool. As a result they are selling faster and in a pretty balanced market. The trick for any sale is to make your home visilble to the right buyer pool. This can be very tricky in the luxury market. Many of these homes should market their listing far and wide in trade publications and international publications. They very well may be purchased by someone who owns multiple properties around the world. The median sales price for single family homes was $1,882,500.
Price Range: $1m-5m
*In this blog series we focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.
When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop doesn't have houses) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.
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