Wicker Park Market Moving Fast: Neighborhood Update

Start your Wicker Park home search here.

 

Wicker Park

Housing Type: Condo

The speed of the Wicker Park condo market hasn't changed much since last month. Homes are still selling in less than a month and the inventory is very low. When a condo they like hits the market buyers need to be ready to jump and be prepared for multiple offers. Seller's should be ready for lots of phone calls and showings. Those who take extra care to make sure their home is in tip-top shape before hitting the market will have the best chance at selling quickly. The median sales price for condos in Wicker Park was $412,500.

 

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

Wicker Park Chicago Real Estate Market Trends

Wicker Park Chicago Real Estate Market Trends

Price Range: $800,000+ 

Wicker Park Chicago Real Estate Market Trends

Wicker Park Chicago Real Estate Market Trends

 

Wicker Park

Housing Type: Townhome

Wicker Park townhomes are still in high demand. As a seller when your home is on the market for 37 days it can feel like a long time, but the perspective of that changes in different markets. In a seller's market we often see very low market times, but when the market is balanced or when it's a buyer's market the market times are very often three months or even more. This is why we calculate inventory by how long it will take to sell in a month, not weeks or days. So even when a home in a seller's market takes a little more than a month to sell it's still a pretty fast listing time. The median sales price for townhomes was $731,500.

 

Price Range: $400,000+ 

Wicker Park Chicago Real Estate Market Trends

Wicker Park Chicago Real Estate Market Trends

Price Range: $800,000+

Wicker Park Chicago Real Estate Market Trends

Wicker Park

Housing Type: Single Family

Inventory continues to increase, but so slightly that more is still very much needed. Homes are selling quickly and even in the $1-2m range, where we have 6.7 months of inventory homes are selling quickly. Last month there were 4 homes under contract in this price range and now 5 have sold and 3 have gone under contract. There are 18 active again, but the months supply of inventory has dropped from 8.1, since there have been so many quick sales. Remember, a lot of the homes in that price range are new construction. With the market moving so fast it is apparent why builders decided to focus on that area. The median sales price for single family homes was $1,065,000.

 

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

Wicker Park Chicago Real Estate Market Trends

 

Wicker Park Chicago Real Estate Market Trends

Price Range: $800,000+

Wicker Park Chicago Real Estate Market Trends

Wicker Park Chicago Real Estate Market Trends

 

 

 

 Start your Wicker 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 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.

 


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 • August 02 2016 01:27PM

Comments

Hi Terri Buseman!

Thanks for a great series of posts featuring exceptionally well presented market reports!

We like your writing style!

We wish you great success with your blog posts and networking with other members of Active Rain!

We clicked the “Follow” button on your profile so that we will be alerted to your future blog posts and can read and comment on them, and we invite you to "follow us" - should you be interested. There is no requirement or obligation for you to do so, but we would be honored if you choose to do so!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Thanks! It's been a fun series to write and it's so interesting to see how markets change between the neighborhoods, housing types, and price ranges. In that sense I think Chicago is more diverse than many realize!

Posted by Terri Buseman, Downtown Chicago (RE/MAX Premier Properties) over 2 years ago

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