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Housing Type: Condo
Inventory levels are holding steady since our last report. You may have seen an article in DNAinfo yesterday about the booming luxury condo market in Lincoln Park. Condos for over $1m are indeed in a good market. Among the seven condos that sold in the past month the average market time was only 63 days. Month's supply of inventory is 4.7 which is a seller's market, but it is close to a balanced market, which is 6-7 months. This means there aren't too many homes on the market, but buyers do have a few choices, which is a good way to keep them off the fence! The median sales price for condos in Lincoln Park was $416,500.
Price Range: $400,000-$800,000
Housing Type: Townhome
The townhome market continues to be competitive for buyers, which is great for sellers! Market times are only two to three months in many cases. Buyers need to be ready to jump as soon as they find the home they want. The median sales price for townhomes was $767,500.
Price Range: $400,000-800,000
Housing Type: Single Family
Unlike the condos and townhomes, single family homes are taking a bit longer to sell. The average market time for all single family homes that sold was 138 days. Sellers will need a little more patience in this market. It is important for single family homeowners to understand that they are in a different market than DNAinfo reported on. The median sales price for single family homes was $1,465,000.
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.
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