More Listings, Lower Market Times: Lincoln Park Neighborhood Update

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 sold, but across the board they are still selling super fast, in just about a month, more or less. Because homes are still selling so fast the increase in inventory hasn't had much of an effect on the month's supply of inventory. It is still a seller's market up to the $1m+ range. The median sales price for condos was $425,000.

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

Townhomes continue to sell almost faster than they can be listed. Take a look at the $800k+ chart of activity. Last month there was 1 home under contract in each price range between $800-2m. Now in the $1-2m range 2 sold and 1 has come to the market, the $800-900k range and in the $900-1m range 2 sold, 1 is under contract, and 3 came to the market. Nearly all of these homes are selling in less than 1 months time. This is a great opportunity for sellers, especially if you are hoping to close before the end of the year. The median sales price for townhomes was $575,000.

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 $1-2m range of houses is a great example of how quickly the market is moving. Last month there were 9 homes under contract and 57 available. Now 10 have closed, 13 are under contract, and 56 are available. That means 13 have come to the market and they are moving so quickly that there is one fewer available than last month. That said, not everything is moving so fast. One home in the $4-5m range took 816 days to sell. In fact, it was once listed in 2012 for over $1m more than it just sold for. That listing expired after more than a year and it was relisted in 2014 for $400k more than it finally sold for. In each iteration of the listing the home was presented well. The asking price can make a huge difference in how quickly a home will sell. If you want the most visibility for your home take a look at the chart at the bottom which shows how to price for that. The median sales price for single family homes was $1,265,000.

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.TerriBuseman.com

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Comment balloon 0 commentsTerri Buseman • September 30 2016 11:16AM

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