Lincoln Park, Chicago Neighborhood Market Update

Start your Lincoln Park home search here.

The most important element in getting your home sold in a timely fashion is pricing it correctly. When you set the right price, you'll be attracting buyers who are looking for exactly the type of home you're offering.

As a buyer or a seller it is vital to understand the specific marketplace you are in. Being a city of neighborhoods Chicago has a slew of different markets. We want to educate you on the different markets and give you the opportunity to watch a variety of them.

In this blog series we will 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 only has condos) 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.

 

Lincoln Park

Housing Type: Condo

Price Range: $400,000-$800,000

 Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

 

 

Lincoln Park

Housing Type: Condo

Price Range: $800,000+

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park is a large neighborhood full of residential streets. As a result, even though most of it is in a seller's market like the rest of the city, there is still a lot of activity from month to month. The amount of sold and pending condo listings is very close to the amount of available homes in every price range until close to $1,000,000. The average days on market is less than six months for everything except the $2,000,000+ range. There are currently seventeen listings available in that range and the average market time among them, so far, is 390 days. The median sales price for condos was $378,250.

 

Lincoln Park

Housing Type: Townhome

Price Range: $400,000-800,000

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

 

Lincoln Park

Housing Type: Townhome

Price Range: $800,000+

 Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

In nearly every price range of townhomes in Lincoln Park there are more buyers than sellers. It's no wonder nearly all the market times are under three months. The $1,000,000-2,000,000 range has the highest month's supply of inventory. It has the same number of homes available as are under contract. The homes that are under contract have an average market time of 35 days and those that are still active currently have an average market time of 38 days. The median sales price for townhomes was $598,750. 

Lincoln Park

Housing Type: Single Family

Price Range: $1m-5m

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

 

Lincoln Park

Housing Type: Single Family

Price Range: $5m+

 Lincoln Park Chicago Real Estate Market Trends

 

Lincoln Park has a wider variety of single family homes than most neighborhoods, so we focused on those priced above $1,000,000. Being in a higher price range these homes take longer to sell. The month's supply of inventory is higher, but it's still in a seller's market in most categories. On first look it may seem like thirty-nine listings in the $1,000,000-2,000,000 range is a lot, but in that range three have sold, fourteen are under contract, and the average days on market for those that sold is only three! These homes are certainly seeing buyer demand. The one that sold in the $6,000,000-7,000,000 range sold in only two days. The median sales price for single family homes in Lincoln Park was $2,760,000.

 

Start your Lincoln Park home search here. 

 


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

 

Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 2 commentsTerri Buseman • April 05 2016 11:08AM
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