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Housing Type: Condo
Just like last month the number of homes that came to the market is very close to the number of homes that went under contract in each price range over the past month. This is keeping inventory levels low and the seller's market hot. Not until you get into the over $1m range do we see a balanced market. This is a trend we are seeing all over downtown, where the neighborhood is largely in a seller's market, but the luxury homes are either in a balanced market or buyer's market. The median sales price for condos in Lincoln Park was $493,725.
Price Range: $400,000-$800,000
Housing Type: Townhome
We had a big spike in listings in the $600-800k range with 12 homes coming to the market in the past month. Five of the six homes that closed sold in less than a month and three of the five that are under contract have a market time of less than a month. Townhomes are in high demand in Lincoln Park. Even though there is a little competition in nearly every price range there are many that are still selling in just days. The median sales price for townhomes was $742,500.
Price Range: $400,000-800,000
Housing Type: Single Family
The luxury single family homes that are listed for over $2m are all in a buyer's market. Seller's need to be ready for a longer listing period. However, about 25% of the 43 homes that are under contract or just sold did so in less than 2 months. The most expensive of those was listed for $3m. This shows that even if your competition is taking a long time to close there is still an opportunity for you to sell more quickly. Make sure your home is marketed carefully and expansively and most importantly make sure it is priced fairly. Pricing is 82% of marketing! See the chart at the bottom to show how your asking price affects visibility. The median sales price for single family homes was $1,400,000.
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.