The Chicago Lincoln Park real estate market generally mirrors broad national trends of low housing inventory and relatively high buyer demand (for more details on national real estate statistics, click this link). The big picture for the Chicago Lincoln Park market is that the average price point for properties has decreased slightly from 2017 to 2018, but months supply of single family attached properties is at 3.8 months (which means it’s still a sellers market; generally when a market is at six months supply it’s considered a normalized market). Here is a map showing how we define the Chicago Lincoln Park real estate market:
Chicago Lincoln Park Residential Real Estate Market Statistics
Following is a series of charts showing key residential real estate market trends in Chicago Lincoln Park for attached, single-family homes, January 2017 – August 2018 (unless otherwise noted).
Closed Sales in Chicago Lincoln Park for the 12-month period of activity ending August 2018 came in at 1,253 units, which represents a 5.0% decrease from August 2017 and a 0.0% increase/decrease from August 2016 (each similarly representing a 12-month period of activity). This relatively minor decrease in unit sales from 2017 to 2018 means that this market overall is not experiencing much volatility, which is generally good for both buyers and sellers in terms of approaching this market with confidence. However, the decrease in unit sales from 2017 to 2018 is a market signal to continue to watch through Q3 and Q4 2018.
Median and Average Sales Price
We’re experiencing slight pricing variability in the Chicago Lincoln Park real estate market. We’re generally seeing more properties hit the market above $500,000, which would tend to drive up the Average Sales Price. For attached single-family properties in Chicago Lincoln Park, the August 2018 Median Sales Price was $491,950 (3.6% increase from August 2017) and the Average Sales Price was $613,688 (4.0% decrease from August 2017). The decrease in Average Sales Price is something to watch through Q3 and Q4 2018.
Median and Average Market Times
The recent up-tick in both Median and Average Market Times for the Chicago Lincoln Park real estate market could be an early leading indicator that this market is beginning to tip towards a more balanced market (i.e., shifting slightly away from a decided sellers market). For attached single-family properties in the Chicago Lincoln Park, the August 2018 Median Market Time was 33 days (37.5% increase from August 2017) and the Average Market Time was 59 days (18% increase from August 2017).
Median and Average Percent of Last List Price
For attached single-family properties in Chicago Lincoln Park, the near parity between median and average data points above (hovering between 97% and 98%) means we’re seeing relatively even buyer demand for properties in this market. Regarding Last List Price, “last list price” is the price that immediately precedes the sales price of a property (for example, a property could initially enter the MRED MLS at a $620,000 sales price and then after a few weeks this price is adjusted to $610,000; the former price is the original list price and the latter price is the last list price). This statistic is also known as a SP:LP ratio (Sales Price:List Price ratio); a SP:LP over 100% means a property sold for more than last listing price, whereas a SP:LP under 100% means a property sold for less than last listing price. For attached single-family properties in Chicago Lincoln Park, the August 2018 median percent of last list price was 98.2% (0.3% increase from August 2017) and the average percent of last list price was 98.1% (0.7% increase from August 2017).
Months Supply of Homes for Sale
For attached single-family properties in Chicago Lincoln Park, the August 2018 Months Supply of Homes was 3.8 months (22.6% increase from August 2017). As mentioned above, when a market approaches six months of supply (meaning it would take six months for available homes to sell in the Chicago Lincoln if no additional homes were listed and demand kept at its current pace) it’s generally considered a balanced market. Thus, the Chicago Lincoln Park real estate market is still in a sellers market. However, the increase in months supply over the past several months is an additional data point to watch through Q3 and Q4 2018.
Showings Per Listing
Showings per listing for attached single-family homes in Chicago Lincoln Park for August 2018 was 3.8 showings (2.7% increase from August 2017). Generally, this trend does not demonstrate waning interest in properties, but is more reflective of brisk selling times and solid buyer demand.
Q2 2018 Chicago Lincoln Park Real Estate Market Statistics
Continuing our analysis of the Chicago Lincoln Park real estate market, we’ll now focus on Q2 2018 sold property statistics for condos, co-ops, and/or town-homes in buildings with eight or more units (the building types we specialize in at Lux Home Chicago):
Chicago Lincoln Park Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 292
- Sold Price: $395,000 median / $492,262 average
- Listing Market Time: 12 days median / 26 days average
- SP:LP: 98% median / 98% average (114% was the highest SP:LP)
In summary, the Chicago Lincoln Park real estate market is still a sellers market, but increasing months supply and listing market times indicate that it’s moving towards a more balanced market. Moreover, based on SP:LP ratios hovering around 98%, buyers seem to be consistently negotiating sales prices below original asking price.
** Market statistics and information compiled by Anne Ewasko and Eric Bryn of Lux Home Chicago. This compilation of market statistics and information is deemed reliable but is not guaranteed accurate by the MRED MLS, Lux Home Chicago, or Baird & Warner.