Chicago Housing Market Tracker

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Inventory continues to show big gains. The total number of houses, condominiums and co-ops on the market rose 25.6 percent in March from a year ago, the 11th straight month of growth. New listings also got a bump — 4,802 properties went on the market, a 16.6 percent jump from a year ago.

Despite the increase, demand is still higher. Chicago had 4.6 months of inventory in March, less than the six months that signals a balanced market.

That sky-high buyer interest is keeping price and sales growth strong. Home values rose 11.7 percent from a year ago in March, the third consecutive month of double-digit growth, and sales accelerated, notching their biggest year-over-year gain in more than a year.

The city’s median sale price reached $262,500, an increase from February, with the neighborhoods of Englewood, McKinley Park and Washington Park showing the biggest gains. Citywide, the average home sold for 95 percent of asking price, the highest sale-to-list ratio since September. More than a third of homes sold above asking price.

“Despite another frigid winter, median sales prices in Chicago have grown by double digits for the past three months,” Redfin Chief Economist Nela Richardson said. “Price growth hasn’t dampened buyer interest.  With an increase in inventory and steady demand, Chicago is positioned to have a strong spring selling season.”

redfin-median-sale-price-chicago-yoy

Bargains?

In some neighborhoods, buyers have considerable negotiating power. Take Hyde Park, where the median sale price was $119,000 in March, up 13.3 percent from a year ago.  With a relative abundance of listings, properties frequently sell for well under their list price. Last month, when 11 homes sold, buyers on average paid less than 85 percent of asking price.

However, these bargain neighborhoods are becoming fewer in number as the year goes on.

“Inventory has been increasing, but the number of homes garnering multiple offers is becoming more frequent, resulting in a higher average sales prices over the last year,” Clayton Jirak, Redfin Real Estate Agent.

Redfin Real Estate Agent Alex Haried agrees.

“Recently, every offer I’ve submitted for clients in the West Loop has been subject to a multiple offer situation. Inventory is still low, historically speaking, and it’s causing tense market conditions. I’m seeing low inventory and competition in neighborhoods I wouldn’t think would have the issue, like McKinley Park and Canaryville.”

Neighborhood Median Sale Price Year-Over-Year Homes sold Year-Over-Year Inventory Year-Over-Year
Albany Park $225,000 30.0% 29 123.0% 116 76.0%
Andersonville $289,000 -20.0% 12 20.0% 72 95.0%
Archer Heights $157,500 34.0% 7 250.0% 14 -18.0%
Austin $58,000 -7.0% 15 -35.0% 80 -6.0%
Avondale $334,900 47.0% 26 53.0% 75 44.0%
Beverly $257,500 -4.0% 10 -29.0% 97 39.0%
Bridgeport $214,999 -49.0% 11 -8.0% 60 40.0%
Brighton Park $95,000 -3.0% 8 14.0% 25 -4.0%
Bucktown $470,000 13.0% 31 63.0% 76 36.0%
Edgewater $169,700 -6.0% 52 37.0% 288 85.0%
Edison Park $184,250 -37.0% 14 56.0% 56 115.0%
Englewood $10,100 189.0% 8 14.0% 53 -4.0%
Gold Coast $347,000 18.0% 55 53.0% 333 42.0%
Humboldt Park $329,900 54.0% 27 0.0% 126 10.0%
Hyde Park $119,000 13.0% 11 -35.0% 200 21.0%
Jefferson Park $245,000 14.0% 25 47.0% 70 56.0%
Kenwood $200,000 38.0% 13 160.0% 120 26.0%
Lincoln Park / DePaul $503,500 -1.0% 118 15.0% 498 43.0%
Lincoln Square $345,000 13.0% 15 36.0% 88 42.0%
Logan Square $310,500 -3.0% 46 44.0% 126 40.0%
McKinley Park $273,000 87.0% 4 0.0% 17 0.0%
Montclare $225,000 36.0% 7 0.0% 48 55.0%
Near North Side $400,000 4.0% 219 19.0% 1,134 26.0%
North Center $421,400 5.0% 33 50.0% 125 155.0%
Oakland $221,055 70.0% 6 500.0% 31 107.0%
Old Town $278,000 -21.0% 31 -9.0% 133 34.0%
Portage Park $279,000 40.0% 30 -9.0% 158 48.0%
Pullman $34,000 -24.0% 8 60.0% 18 -38.0%
Ravenswood $340,000 16.0% 17 55.0% 75 56.0%
River North $390,000 5.0% 63 -6.0% 300 28.0%
Rogers Park $132,500 9.0% 30 -32.0% 191 38.0%
Roscoe Village $510,000 24.0% 25 4.0% 98 56.0%
Sauganash $335,000 -12.0% 8 -11.0% 48 17.0%
South Lawndale / Little Village $65,500 64.0% 5 -44.0% 17 -11.0%
South Loop $337,450 16.0% 81 10.0% 370 40.0%
South Shore $32,000 22.0% 20 0.0% 131 -14.0%
Streeterville $457,500 -11.0% 60 25.0% 328 10.0%
The Loop $409,944 25.0% 66 14.0% 366 45.0%
Tri-Taylor $289,000 61.0% 4 100.0% 18 500.0%
Ukrainian Village $395,000 -3.0% 8 14.0% 40 18.0%
Uptown $280,000 11.0% 74 25.0% 359 40.0%
Washington Park $45,000 73.0% 5 0.0% 23 10.0%
West Loop $327,000 -2.0% 55 2.0% 110 26.0%
West Town $430,000 12.0% 138 37.0% 408 32.0%
Wicker Park $433,750 15.0% 55 120.0% 127 34.0%
Wrigleyville / Lakeview $383,750 2.0% 184 17.0% 741 47.0%
Chicago, IL $265,000 12.8% 1,941 4.4% 9,669 23.6%

 

Neighborhood New Listings Median Days on Market Avg Sale-to-List Months of Supply
Albany Park 60 37 90.0% 4.0
Andersonville 32 72 93.0% 6.0
Archer Heights 2 42 88.0% 2.0
Austin 39 54 91.0% 5.3
Avondale 45 18 95.0% 2.9
Beverly 38 130 93.0% 9.7
Bridgeport 31 22 90.0% 5.5
Brighton Park 12 15 102.0% 3.1
Bucktown 47 15 97.0% 2.5
Edgewater 134 32 92.0% 5.5
Edison Park 25 30 95.0% 4.0
Englewood 9 86 NA 6.6
Gold Coast 138 18 95.0% 6.1
Humboldt Park 79 27 95.0% 4.7
Hyde Park 57 99 85.0% 18.2
Jefferson Park 54 42 92.0% 2.8
Kenwood 39 49 94.0% 9.2
Lincoln Park / DePaul 291 24 96.0% 4.2
Lincoln Square 46 30 95.0% 5.9
Logan Square 85 15 97.0% 2.7
McKinley Park 5 37 92.0% 4.3
Montclare 20 16 93.0% 6.9
Near North Side 536 32 96.0% 5.2
North Center 76 16 98.0% 3.8
Oakland 15 13 97.0% 5.2
Old Town 77 21 96.0% 4.3
Portage Park 99 50 94.0% 5.3
Pullman 4 35 99.0% 2.3
Ravenswood 57 13 96.0% 4.4
River North 169 26 98.0% 4.8
Rogers Park 80 32 92.0% 6.4
Roscoe Village 66 20 97.0% 3.9
Sauganash 28 36 93.0% 6.0
South Lawndale / Little Village 6 33 92.0% 3.4
South Loop 195 25 96.0% 4.6
South Shore 36 29 80.0% 6.6
Streeterville 121 80 93.0% 5.5
The Loop 181 38 97.0% 5.5
Tri-Taylor 13 48 95.0% 4.5
Ukrainian Village 27 15 94.0% 5.0
Uptown 173 28 94.0% 4.9
Washington Park 10 22 NA 4.6
West Loop 92 14 100.0% 2.0
West Town 303 25 96.0% 3.0
Wicker Park 109 24 97.0% 2.3
Wrigleyville / Lakeview 429 26 96.0% 4.0
Chicago, IL 4,657 32 95.5% 5.0

 

Source: Redfin analysis of multiple-listing service and county recorder data.

For more information, contact
Redfin Journalist Services
Phone: 206-588-6863
Email: press@redfin.com

Published on April 16th, 2015
Updated on July 15th, 2019

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lorraine-woellertredfin-com

Senior Managing Editor, Research

Lorraine is enjoying her first real job after a career in journalism. She’s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. 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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