Chicago’s Housing Market Saw a Moderate Price Increase and a Jump in Sales in August

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Chicago housing market

Chicago home prices increased almost two percent in August, as compared to last year, with a typical home selling for $270,000.

Chicago PricesAug2016

The city saw a nearly 14 percent increase in sales, the largest increase since January.

“August was the last big month of the year for home sales,” said Redfin real estate agent Niko Voutsinas. “A lot of serious spring market buyers moved aggressively to secure properties after failing to move quickly enough on other opportunities, or losing out on multiple offer situations one or more times earlier in the year.”  

ChicagoSalesAug2016

Serious buyers needed to be aggressive because, like much of the nation, Chicago continues to be plagued by a lack of selection. The number of homes available for purchase dropped nearly 9 percent in August, the twelfth-consecutive month of year-over-year declines. At the end of August, there were approximately 12,400 homes for sale in Chicago, fewer than the nearly 14,000 on the market during the height of last summer.

New listings in August ticked up half a percent compared to last year, while the median days on market declined slightly to 62. Chicago homes sold for an average of 98.4 percent of the list price, with nearly one in four selling for over asking.

Hot Neighborhoods

Among neighborhoods with at least 100 sales in the past three months, Austin showed the highest price increases, with the median sale price rising 23.3 percent to $130,000. Jefferson Park saw prices rise 19.7 percent, to a median sale price of $311,250. Logan Square, Andersonville and Ravenswood rounded out the top five, with all three seeing price increases between 10 and 15 percent.

Brighton Park was the fastest market, with the typical home going under contract in 28 days. Next fastest were Ukrainian Village and the West Loop, which saw market times of 37 and 41 days, respectively. More than half of buyers paid over list price in Humboldt Park, the only neighborhood in Chicago with that distinction, though eight neighborhoods had an average sale-to-list price ratio over 100 percent.

North Center, with its highly rated schools, was the most expensive market in August, with a typical home selling for $611,000. Wicker Park was the next most expensive, with a typical home selling for $544,500. The Gold Coast, Bucktown, Lincoln Park and Roscoe Village all had median sale prices just north of $500,000.

See our city page for the most up-to-date data on Chicago home prices.

Here’s what’s happening in your neighborhood:

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Albany Park $250,000 -8.9% 164 21.5% 146 -19.3% 163 67 97.8%
Andersonville $437,500 13.4% 121 21.0% 84 -8.7% 92 50 98.4%
Archer Heights $176,000 -3.3% 37 42.3% 27 -41.3% 36 66 99.5%
Austin $130,000 23.3% 193 10.9% 221 -18.1% 239 55 101.2%
Avondale $339,000 4.3% 153 17.7% 124 -7.5% 169 50 98.8%
Beverly $275,000 -10.7% 67 -14.1% 139 6.9% 111 64 96.5%
Bridgeport $345,000 6.3% 69 -1.4% 100 -6.5% 114 78 96.9%
Brighton Park $168,544 29.6% 61 45.2% 78 -18.8% 99 28 103.0%
Bucktown $515,050 -4.0% 206 0.0% 124 -0.8% 170 43 99.3%
Clearing $192,500 18.1% 87 16.0% 101 -4.7% 104 72 97.7%
Edgewater $226,000 -1.7% 311 -3.1% 263 -29.5% 274 57 96.9%
Edison Park $357,500 0.0% 58 0.0% 56 -26.3% 62 58 96.3%
Englewood $19,000 -13.9% 39 -22.0% 124 -10.1% 83 72 103.2%
Evanston $315,500 12.7% 146 20.7% 371 -25.9% 116 67 96.6%
Garfield Ridge $210,000 9.1% 146 14.1% 138 -10.4% 160 67 97.4%
Gold Coast $517,750 4.6% 168 12.8% 235 -8.9% 171 71 97.1%
Humboldt Park $160,000 -8.6% 108 16.1% 153 -1.3% 178 47 103.8%
Hyde Park $245,000 1.7% 95 11.8% 73 -21.5% 79 68 96.6%
Irving Park $334,000 7.7% 242 10.0% 248 -11.1% 258 58 98.0%
Jefferson Park $311,250 19.7% 128 12.3% 132 -4.3% 149 58 97.7%
Joliet $156,000 0.7% 285 0.7% 774 -18.7% 293 60 98.7%
Kenwood $245,000 14.0% 73 37.7% 96 -14.3% 84 71 95.6%
Lakeview $386,500 5.4% 843 -5.7% 694 -8.1% 769 58 98.2%
Lincoln Park $515,000 0.6% 597 -9.9% 574 -10.3% 585 55 98.1%
Lincoln Square $372,500 8.0% 223 4.2% 187 -5.6% 217 62 98.0%
Logan Square $374,000 13.5% 279 6.5% 199 -2.5% 267 43 100.5%
McKinley Park $215,000 2.4% 25 4.2% 43 -2.3% 45 63 99.0%
Montclare $189,950 -14.6% 28 -46.2% 47 -11.3% 59 62 97.9%
Mount Greenwood $209,000 -2.3% 100 81.8% 94 19.0% 88 63 97.4%
Naperville $364,500 -2.8% 410 37.6% 1,156 -10.7% 268 76 97.0%
Near North Side $420,000 5.0% 966 -5.8% 1,110 -10.7% 1,020 64 98.1%
North Center $611,000 -0.2% 133 -14.2% 126 -2.3% 135 57 98.1%
Old Town $355,000 7.7% 111 1.8% 83 -18.6% 114 46 98.5%
Portage Park $285,000 5.6% 242 18.1% 210 -22.5% 239 53 99.3%
Pullman $41,000 -12.8% 13 -43.5% 22 -26.7% 24 56 89.3%
Ravenswood $375,000 11.5% 243 0.4% 179 2.9% 213 54 98.4%
Rogers Park $182,500 1.6% 182 13.8% 220 -10.2% 206 66 97.8%
Roscoe Village $504,500 9.9% 138 5.3% 126 -0.8% 145 60 98.7%
Sauganash $389,000 1.6% 59 -19.2% 66 -10.8% 64 69 97.8%
South Lawndale / Little Village $104,500 57.1% 58 31.8% 62 -28.7% 71 53 98.9%
South Loop $340,000 2.7% 437 -11.5% 340 -15.8% 441 55 100.3%
South Shore $95,000 58.3% 78 13.0% 160 -4.8% 142 82 98.7%
Streeterville $440,000 2.9% 261 -3.3% 380 -2.6% 280 83 97.2%
The Loop $345,000 4.9% 313 4.3% 315 -12.0% 310 62 98.9%
Tri-taylor $400,000 90.6% 23 21.1% 23 -37.8% 34 43 96.5%
Ukrainian Village $443,000 -3.3% 51 2.0% 30 -21.1% 36 37 99.1%
Uptown $249,900 8.9% 301 19.4% 262 -7.4% 304 52 97.6%
West Loop $405,000 6.9% 302 -14.2% 201 15.5% 304 41 100.6%
West Town $460,000 4.5% 672 -6.9% 505 6.1% 668 42 99.3%
Wicker Park $544,500 -0.5% 80 -11.1% 71 6.0% 88 47 100.5%
Chicago, IL $270,000 1.9% 3,471 13.8% 12,433 -8.8% 3,938 62 98.4%
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alex-staraceredfin-com

Alex provides journalists with the information they need for their stories. Prior to joining Redfin, he was a freelance writer who wrote extensively on the ins and outs of condo purchasing. He also covered luxury goods, with a minor in book reviews. He lives in Chicago and is lucky enough to be able to walk to work. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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