Dearborn Park in High Demand: Neighborhood Update

Start your Dearborn Park & Dearborn Mews home search here.

 

Dearborn Park & Dearborn Mews

Housing Type: Condo

The only activity in the $400k+ price ranges was with one condo. It was originally listed in September, but was temporarily removed from the market during our last report and now it has expired. We don't know why it expired or didn't sell, but there are two things we can see in the listing sheet that would have made it harder for the sellers to reach all potential buyers. The first is a restriction, no showings after 5:00 p.m. Restrictions like this come up from time to time, but sellers need to consider that many buyers want to look for a home when they are not at their 9-5 job, so this restriction is going to force many buyers to wait until the weekend to see the home. The other thing we noticed is that the home was priced at $409,000 for the duration of the listing. If the sellers could have listed it for $400,000 they would have reached more buyers. Most buyers search within whole number perameters, $300-400k or $400-500k for example. Being at $409k they would not reach any buyers who are looking up to $400k. The sellers may not have had the flexibility to adjust the price or showing restrictions, life doesn't always allow for that. We just want to point out some things that would have an effect on how many buyers see the home.

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

Dearborn Park & Dearborn Mews Chicago Real Estate Market Trends
Dearborn Park & Dearborn Mews

Housing Type: Townhome

 

So many of these homes fly off the market. The average market time for the 4 properties that are under contract is only 41 days. This is a market that continues to be in high demand from buyers and most of them are ready to make an offer as soon as the home they like comes to the market. The median sales price for townhomes was $401,250. 

Housing Type: Townhome

Price Range: $400,000-$800,000 

Dearborn Park & Dearborn Mews Chicago Real Estate Market Trends

Dearborn Park & Dearborn Mews Chicago Real Estate Market Trends

Price Range: $800,000+

Dearborn Park & Dearborn Mews Chicago Real Estate Market Trends

Dearborn Park & Dearborn Mews

Housing Type: Single Family

 

A very rare single family home on Federal came to the market and was under contract in less than 3 weeks. There are very few single family homes in Dearborn Park and many owners stay in these homes for a long time. The listing says this one is an original owner and the home was built in 1995. Needless to say when these homes come available buyers jump on the opportunity! 

Housing Type: Single Family

Price Range: $800,000+

Dearborn Park & Dearborn Mews Chicago Real Estate Market Trends

 

Start your Dearborn Park & Dearborn Mews 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 0 commentsTerri Buseman • April 21 2017 05:25PM

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