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Housing Type: Condo
Like last month the month's supply of inventory is creeping up slightly, but homes in the lower price ranges are selling in 1-2 months. The higher priced homes are taking closer to three months to sell, on average. There was a spike in inventory among the $800-900k homes. Most of the new listings are new construction, of a variety of developments. The median sales price for condos in Lincoln Park was $395,000.
Price Range: $400,000-$800,000
Housing Type: Townhome
Despite a couple of long sales here and there townhomes continue to move very fast. The homes that took a long time to sell serves as a good reminder that even in a fast moving market no one is guaranteed a quick sale. This is why sellers need to be extra careful with their marketing and pricing strategy. Sometimes the price is too high, sometimes a little carpeting or paint can do the trick. The median sales price for townhomes was $760,000.
Price Range: $400,000-800,000
Housing Type: Single Family
This slow moving market hasn't seen a lot of activity. However, we can easily see in these charts how long it can take some of these luxury homes to sell. There were 4 sales in the $2-3m range with an average market time of 257 days. One of those homes took 361 days to sell and another took 610 days. Patience is the name of the game when selling a luxury single family home! The median sales price for single family homes was $1,450,000.
Price Range: $1m-5m
*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.