Even Luxury Houses Can Sell Fast in Lincoln Park: Neighborhood Update

Start your Lincoln Park home search here.

 

Lincoln Park

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

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

Price Range: $800,000+

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

 

Lincoln Park

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

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

Price Range: $800,000+

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park

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

Lincoln Park Chicago Real Estate Market Trends

Lincoln Park Chicago Real Estate Market Trends

Price Range: $5m+

Lincoln Park Chicago Real Estate Market Trends

Start your Lincoln Park home search here. 

  

*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.

 


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.ChicagoCityHomesForSale.com  

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Comment balloon 0 commentsTerri Buseman • April 07 2017 09:07PM
Even Luxury Houses Can Sell Fast in Lincoln Park: Neighborhood Update
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Start your Lincoln Park home search here Lincoln Park 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… more
Plenty of Buyers in Lincoln Park: Neighborhood Update
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Start your Lincoln Park home search here Lincoln Park Housing Type: Condo Over the past month in nearly every price range either the same amount or more condos came to the market than went under contract. These homes have been selling very fast… more
Lots of Opportunity to Sell in Lincoln Park: Neighborhood Update
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Start your Lincoln Park home search here Lincoln Park Housing Type: Condo Since last month there has been a little spike in new listings in the higher price ranges. This is not a common sight during the holiday season. In past years the market… more
Lincoln Park Townhomes Taking Longer to Sell: Neighborhood Update
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Start your Lincoln Park home search here Lincoln Park Housing Type: Condo As we've been seeing over the past months the condo market in Lincoln Park is moving smoothly. Many homes are selling in about a month and homes are coming to the market… more
Condos & Townhomes Selling Fast in Lincoln Park: Neighborhood…
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Start your Lincoln Park home search here Lincoln Park Housing Type: Condo The condo market in Lincoln Park is still moving fast, like last month Only a few more homes are coming to the market than are selling, so inventory levels are… more
More Listings, Lower Market Times: Lincoln Park Neighborhood Update
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Start your Lincoln Park home search here Lincoln Park Housing Type: Condo We knew last month that it was looking to be a busy fall and so far that trend continues. In most price ranges for the condos more homes have come to the market than have… more
Looking Like a Busy Fall for Lincoln Park: Neighborhood Update
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Start your Lincoln Park home search here Lincoln Park Housing Type: Condo It's going to be a busy fall season for Lincoln Park condos. Just like last month we are continuing to see homes come to the market nearly as fast as they sell. Most… more
More Inventory Isn't Enough for Lincoln Park: Neighborhood Update
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Start your Lincoln Park home search here Lincoln Park Housing Type: Condo Overall the condo market has been picking up speed since last month A lot of homes have come to the market in the $400-600k range, but they are not in the same building… more
Lincoln Park Houses Take Longer to Sell: Neighborhood Update
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Start your Lincoln Park home search here *Allow me to let you in on a little industry secret. We have two ways of collecting these numbers for you. One is through a reporting program in the MLS called Infosparks. The other is by manually… more
Lincoln Park, Chicago Neighborhood Market Update
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Start your Lincoln Park home search here Lincoln Park Housing Type: Condo These charts look very similar to last month's since Lincoln Park is churning through the condo inventory but more keeps coming to the market the supply is remaining… more