Strong Seller's Market Throughout Wicker Park: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your Wicker Park home search here.

 

Wicker Park

Housing Type: Condo

Most of the homes that sold took an average of a month or two to sell. This is a little longer than we were seeing in our last report, but the month's supply of inventory remains low at under 4 months. Some sellers might notice that the market is a little slower, but it is still moving quite quickly. We do want to mention one listing we noticed. It has only been on the market for 19 days, but it was listed at $999,999. This is a pricing strategy we have talked about before. The sellers are only asking $1 less than $1m. If they just price their home at $1m they will reach a larger buyer pool because they will show in searches for up to $1m as well as ones for $1m+. We'll see how long it takes to sell. The median sales price for condos in Wicker Park was $414,877.  

 

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

Price Range: $800,000+ 

Wicker Park

Housing Type: Townhome

The hot seller's market has not slowed down a bit. Sellers are enjoying very short listing times. It's still important, however, to market your home carefully with bright clean imagery and to price for the market. Buyers have a lot of information at their fingertips and even in a seller's market will pass up a home that is priced too high. The median sales price for townhomes was $632,500.  

 

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

Price Range: $800,000+

Wicker Park

Housing Type: Single Family

Only the higher priced houses are seeing a slightly balanced market. Everything else is still in a seller's market. The one home that closed in the $2m+ range sold in only one day. There are a few ways this can happen. Somebody could have seen it and made an offer as soon as it was listed, but this is extremely uncommon and not what happened in this case. The home was sold before print which means a buyer was lined up before the home was listed. It could have been a pocket listing first, meaning it was being marketed off the MLS or the agent could have learned that the other agent had a buyer and arranged for that buyer to see the home before it was listed. The median sales price for single family homes was $1,399,350.

 

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

Price Range: $800,000+

 

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!

Posted by

Terri Buseman

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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