Start your Prairie District Neighborhood home search here.
Prairie District
Housing Type: Condo
We are seeing a slight increase in sellers which, as we mentioned last month, tends to happen in the spring. The greatest increase was in the $400-500k range. However, the month's supply of inventory hardly changed in that category because so many listings went under contract very quickly. The average market time of those that closed was 47 days and of those under contract is 98 days. One of the condos that is under contract has a market time of 312 days. If you look at the average market time for the rest of them it is 56 days. Two months is a pretty short listing time, it looks like the seller's market is going to continue for awhile. The median sales price for Prairie District condos was $306,862.
Price Range: $400,000-$800,000
Price Range: $800,000+
Prairie District
Housing Type: Townhome
We haven't seen as many townhomes come to the market as had last month, but these homes are continuing to sell. With so much new construction in the area it is vital that sellers carefully market their home and price it appropriately. Of the two homes that sold one took 7 days and one took 367 days. The one that took a year to sell closed at $40k less than they had originally listed for. When listing your home use the price to position it for the best visibility. See the chart below for how pricing close to the home's value affects visibility. Also, consider how searches are often set up. If you are listing your home for $700,000 keep it at that round number. Most buyers will use whole numbers for their search terms, so if they are looking for $700,000-850,000 your home will show on that search. If they are looking for up to $700,000 then you will show on that search as well. However, if you are listed at $690,000 you will only show on the latter search, but your buyer might be looking in the former search. The median sales price for townhomes was $750,000.
Price Range: $400,000-800,000
Price Range: $800,000+
Prairie District
Housing Type: Single Family
A very special listing has come available among the single family homes. One of only 5 historic mansions left in the Prairie District the Keith House is now listed for $2,995,000. Built in 1870 for banker and merchant Elbridge Keith, it was just one of the Prairie Avenue mansions that resided on the "sunny street that held the sifted few." In the 1880s this street was home to many of the city's civic elite including, George Pullman, Marshall Field, Philip Armour, and John J. Glessner. The homes that still stand along with the Keith House include the Glessner house (now a museum), the Kimball House and Coleman-Ames mansion (which are headquarters to the United States Soccer Federation), the Marshall Field Jr. Mansion (now condos), and the Harriet F. Rees House (the largest house to have been relocated in North America in 2014). It will be exciting to see the historic life of this mansion begin a new chapter.
Price Range: $800,000+
Start your Prairie District Neighborhood 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 free market report.
Comments(0)