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Housing Type: Condo
The DNAinfo article we mentioned in our last report was correct! Inventory is shrinking and it's most clear in the over $1m range where many homes sold in less than a month. It's hard to say, but perhaps the publicity in DNAinfo helped give the market an extra little push. Either way these condos remain in a seller's market and sellers are enjoying short market times. The median sales price for condos in Lincoln Park was $560,000.
Price Range: $400,000-$800,000
Housing Type: Townhome
The townhome market continues to move fast with only two closings taking longer than a month. It may be the holiday season, but for sellers that's not going to have much of an effect on the market this year. If you are thinking of listing now is a great time. Buyers will review your listing as soon as it hits the market and they are ready to make offers. The median sales price for townhomes was $720,000.
Price Range: $400,000-800,000
Housing Type: Single Family
A lot of inventory has cleared out among the single family homes. Some fast sales have pushed the inventory levels down. The $3-4m range previously had 14.3 months supply, but after a couple of sales that number has dropped to 6.8 months, putting it into a balanced market. The median sales price for single family homes was $1,425,000.
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.