Demand for Wicker Park Homes Increases: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your Wicker Park home search here.

 

Wicker Park

Housing Type: Condo

We've seen some super fast sales, but not as much has come to the market as last month. The seller's market is continuing, but that means there are more buyers than sellers. This has been going on for awhile, in fact from 1985-2009 homeowners stayed in their homes for 6 years on average. Since 2009 that number has been climbing and from 2011-today the average has been 9 years. The increase in buyers ready to buy and the decrease of sellers ready to sell is keeping the inventory and, as a result, market times low. See a chart below detailing the average amount of time homeowners have historically kept their house. The median sales price for condos in Wicker Park was $460,000.

 

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

 

Wicker Park

Housing Type: Townhome

There were, again, a large number of closings in the mid-price range. Surprisingly though, only 3 of the 7 closings in the $700-800k range were from the new development The Row. All the others were resale homes. Those townhomes had an average market time of 24 days. You can see the buyer demand for these townhomes. The resales are almost all taking under a month to sell. If you are thinking of selling there is no need to wait for the spring buyers, this is not looking like a year where seasonality is going to make a big difference. The median sales price for Wicker Park townhomes was $746,250.

 

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: Single Family

The home that was available in the $700-800k range is temporarily not showing. In the ranges above that 4 listings have been canceled. Competition remains among the sellers in the $1m+ range. Unlike the rest of the neighborhood these houses are in a buyers market and only 2 of them are new construction! The median sales price for Wicker Park townhomes was $830,000.

 

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 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!

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Rainmaker
2,605,590
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks for the local information.  I always enjoy looking at market reports!

Nov 23, 2016 07:24 AM #1
Rainmaker
3,338,070
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Terri, great market update and lots of valuable information for Wicker Park.  Hope you receive many calls.

Nov 23, 2016 07:50 AM #2
Rainmaker
191,656
Terri Buseman
RE/MAX Premier Properties - Chicago, IL
Downtown Chicago

Thank you both!

Nov 29, 2016 01:23 PM #3
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Rainmaker
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Terri Buseman

Downtown Chicago
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