Museum Park Neighborhood Update: Year in Review 2016-2017

By
Real Estate Agent with RE/MAX Premier Properties

Start your Museum Park at Central Station home search here.

Museum Park at Central Station

Housing Type: Condo

Last month we talked about homes that take a long time to sell. Looking at the market times for the sales this month they are also fairly long. However, as it is a new year, we decided to include charts that look at the past 12 months of activity. In that we can see a lot of low market times, most ranging around 2 months. Also, for the most part, the month's supply of inventory has remained extremely low, at about 2 months or less in every price range except the $1-2m range. Even in that range the month's supply over the past year has only been 4.2. A normal market is 6-8 months, meaning we are still very much in a seller's market and we can expect prices to continue to trend up. The median sales price for condos in Museum Park over the past month was $329,500 and over the past year it was $500,000.

 

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

Museum Park/Central Station Chicago Real Estate Market Trends Museum Park/Central Station Chicago Real Estate Market Trends
Museum Park/Central Station Chicago Real Estate Market Trends Museum Park/Central Station Chicago Real Estate Market Trends

Price Range: $800,000+

Museum Park/Central Station Chicago Real Estate Market Trends Museum Park/Central Station Chicago Real Estate Market Trends
Museum Park/Central Station Chicago Real Estate Market Trends Museum Park/Central Station Chicago Real Estate Market Trends

Museum Park at Central Station

Housing Type: Townhome

Two listings were cancelled and one more came to the market. The ones that cancelled did so after 29 and 98 days. If we look at activity from the past year we can see that there have been so few listings available that we can't conclude an average months supply of inventory for some price ranges. There are only two price ranges in which the average market time was over 35 days. In one of those there was only one sale and in the other there were 6 sales and the average market time was 59 days. If one sale took 258 days (like the one in the $600-700k range did) and there were 5 other sales in that same price range the average would be 68 days. So, even when we see a listing take a long time, when you look at the bigger picture most other listings might still be selling very quickly. The median sales price among townhomes over the past year is $725,000.

 

Price Range: $400,000-800,000

Museum Park/Central Station Chicago Real Estate Market Trends Museum Park/Central Station Chicago Real Estate Market Trends
Museum Park/Central Station Chicago Real Estate Market Trends

Price Range: $800,000+

Museum Park/Central Station Chicago Real Estate Market Trends Museum Park/Central Station Chicago Real Estate Market Trends
Museum Park/Central Station Chicago Real Estate Market Trends Museum Park/Central Station Chicago Real Estate Market Trends

 

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!

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Rainmaker
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Terri Buseman

Downtown Chicago
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