Inventory Affecting Prices in Museum Park: Neighborhood Update

Start your Museum Park at Central Station home search here.

Museum Park at Central Station

Housing Type: Condo

Most of the condos in Museum Park continue to enjoy the seller's market we have been watching. There has been a spike in the month's supply of inventory among the $700-800k homes. They just simply aren't selling as fast and they have among the most on the market. The one that is under contract has a market time of 86 days and the ones that are still available have an average market time of 100 days. Half of those have been on the market for over 4 months. If you are selling in this price range be very aware of your competition and do what you can to stay ahead. Pricing your home at market value can help you get the edge you need. See the chart below to learn more about how months supply of inventory affects pricing. The median sales price for condos in Museum Park was a little higher at $575,000.

 

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

Price Range: $800,000+

Museum Park at Central Station

Housing Type: Townhome

One townhome sold in 9 days, however, the rest that are available currently have an average market time of 111 days. The shortest of those is 69 days. The one that sold was just a little smaller than the other $1m+ listings available. It was also priced accordingly. There aren't many townhomes on the market, so it is hard to determine how long to expect the lower priced homes to sell, but if you have a home for $1m+ to list be prepared for a little competition and a longer listing period. The median sales price for townhomes in Museum Park was $880,000.

 

Price Range: $400,000-800,000

Price Range: $800,000+

 

Start your Museum Park at Central Station 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 • November 03 2017 04:39PM

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