Lots of Opportunity to Sell in Lincoln Park: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your Lincoln Park home search here.

 

Lincoln Park

Housing Type: Condo

Since last month there has been a little spike in new listings in the higher price ranges. This is not a common sight during the holiday season. In past years the market has nearly come to a dead stop. However, this has not been a typical year and consumers know it. Market times have been low and inventory has been low, giving sellers the upper hand. This trend is continuing, but the higher priced homes are facing a more balanced market, or in some cases a buyer's market. Sellers of these homes should be aware of what kind of competition they have. It could take longer to sell than they expect, but being in the market before the spring season hits might also give them the upper hand. The median sales price for condos was $432,750.

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

Not much has changed among the townhomes. We are still seeing some pretty quick sales and the inventory is super low. A few listings were cancelled after 4-5 months on the market. Two of them had beautiful pictures, while the other only had an exterior picture. Only one of them had a modest price change during its listing time. If these homes are all well-maintained, as spectacular as their descriptions, and priced for the market they should be able to sell pretty easily in this market. The sellers may be waiting until spring to relist, as that has been a good standard in the past. However, with the current state of the market there is a good chance they could all sell before spring if the listing is priced and marketed well. The median sales price for townhomes was $690,500.

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

A total of 21 listings were cancelled. Most of the cancellations were in the $1-3m range. Surprisingly, this did not change the month's supply of inventory very much and many of the single family homes remain in a buyer's market. With new construction around the city urging luxury buyers to move to condos it will be interesting to see how long it takes for some of this inventory to clear out. Luxury buyers are already known to be discerning in their taste for homes, so they are more likely to wait for the right one to come to the market. The median sales price for single family homes was $1,730,000.

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!

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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Terri, Lincoln Park has always sounded like a fun neighborhood.  And you knw?  If I had a house there, I might wait until spring to put it on the market.  

Dec 28, 2016 10:24 AM #1
Rainmaker
191,656
Terri Buseman
RE/MAX Premier Properties - Chicago, IL
Downtown Chicago

For some of the houses that might not be a bad idea. It's a great neighborhood. Neighborhoods with such a variety of homes, where the condos average $400k and the houses average over $1m, are always full of interest and activity.

Dec 29, 2016 09:54 AM #2
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Rainmaker
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Terri Buseman

Downtown Chicago
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