Chicago Home Prices Up Nearly 13 Percent As Sales Decline

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Chicago home prices were up 12.7 percent in February compared to a year earlier, with the typical home selling for $225,000. Sales dropped for the first time in more than a year, falling 7.2 percent.

Chicago home prices

After a seven-month drought of inventory, the city finally saw an increase in the number of homes for sale. Inventory rose 7.8 percent year over year and new listings shot up 10.2 percent. The typical home sold in 39 days in February, five days faster than a year earlier, and more than one in five sellers got more than their asking price.

Home Sales (4)

So far, sellers are benefiting from high prices and low inventory. However, with more homes coming on the market in February, buyers are gaining a greater selection, a dynamic that might drive sales higher this spring.

February saw a 5.4-month supply of houses for sale, a volume the city hasn’t seen since 2012, but less than the six months that represents a market balanced between buyers and sellers. Even though more houses are going up for sale, they’re finding buyers quickly and sellers still have the upper hand.

“Three of the five condos I recently listed in the West Loop and South Loop resulted in bidding wars,” said Redfin real estate agent Jacqueline Colando. “That’s pretty representative of the area. Since those neighborhoods consist mostly of condos, many of my selling clients are moving to the suburbs to get more space for their dollar.”

Hot Neighborhoods

Ukrainian Village, named 2016’s Hottest Neighborhood, had the highest median sale price in the city at $534,000. Wicker Park, directly to the north, was the second-most expensive neighborhood in the city, with a typical home selling for $517,500. North Center, Streeterville and Bucktown rounded out the top five.

Tri-Taylor retained its long-standing dominance in price appreciation, posting a 92 percent increase year over year, due largely to increased development in the area. A typical Tri-Taylor home sold for $338,500. Pullman (66%), Little Village (56%) and Edgewater (54%) all saw price gains of 50 percent or more.

Homes sold fastest in the West Loop and Andersonville, finding buyers in only 14 days. On the other end of the spectrum, a typical home in Hyde Park sat on the market for 83 days, the longest in the city.

“Many of the condos in Hyde Park have very high association dues, sometimes as much as $1500 per month, since the buildings are nearly 100 years old and need constant upkeep,” said Redfin agent Lamar Austin. “And the single-family homes in the neighborhood are mostly older mansions, still large, expensive to maintain and priced over a million dollars. In either situation, it takes a little longer to find a buyer.”

The slower market time didn’t seem to hurt pricing, though. Hyde Park homes appreciated 10 percent from last year, with a typical home selling for $183,250.

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

Here’s what’s happening in your neighborhood:

Neighborhood 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 $245,000 13.4% 84 13.5% 117 17.0% 133 48 97.4%
Andersonville $406,000 -6.1% 33 94.1% 45 4.7% 53 14 97.2%
Archer Heights $170,000 -3.1% 25 25.0% 21 50.0% 15 28 96.6%
Austin $88,250 11.0% 116 0.0% 136 -1.4% 171 28 101.2%
Avondale $287,000 -9.7% 65 -31.6% 86 11.7% 106 27 98.2%
Beverly $236,000 2.7% 57 54.1% 94 40.3% 88 28 97.4%
Bridgeport $351,500 32.6% 46 -9.8% 68 36.0% 61 32 96.8%
Brighton Park $147,100 13.2% 42 -17.6% 44 15.8% 57 26 97.4%
Bucktown $486,250 -2.1% 78 20.0% 66 8.2% 99 26 97.4%
Clearing $181,750 25.3% 60 0.0% 62 -11.4% 81 30 96.4%
Edgewater $230,125 53.7% 156 8.3% 216 -6.5% 236 42 96.1%
Edison Park $260,000 -15.2% 25 -16.7% 45 12.5% 36 42 94.7%
Englewood $20,000 -11.1% 51 -1.9% 153 -9.5% 150 47 98.1%
Garfield Ridge $172,000 1.2% 83 0.0% 115 51.3% 127 29 98.0%
Gold Coast $390,000 40.2% 103 7.3% 205 -0.5% 186 34 94.5%
Humboldt Park $181,500 -11.5% 120 0.0% 147 8.1% 197 25 101.8%
Hyde Park $183,250 10.4% 59 63.9% 73 -31.1% 60 83 94.7%
Irving Park $273,500 7.3% 120 29.0% 171 17.1% 195 50 97.3%
Jefferson Park $245,000 7.7% 61 3.4% 79 21.5% 100 41 96.1%
Kenwood $192,500 13.6% 36 28.6% 55 -17.9% 61 58 96.3%
Lakeview $362,000 -3.5% 322 2.2% 588 13.5% 691 36 97.1%
Lincoln Park $453,858 5.5% 124 6.0% 178 17.1% 196 31 95.9%
Lincoln Square $317,000 -9.4% 23 -37.8% 87 52.6% 95 50 96.4%
Logan Square $396,000 21.8% 135 16.4% 151 65.9% 224 16 98.2%
McKinley Park $190,000 40.7% 29 52.6% 22 29.4% 34 21 99.5%
Montclare $200,000 17.6% 27 -18.2% 28 -24.3% 32 36 97.7%
Mount Greenwood $199,222 8.9% 25 -41.9% 70 62.8% 73 35 97.7%
Near North Side $402,500 0.6% 471 1.1% 839 10.4% 887 47 96.6%
North Center $512,500 22.3% 36 -26.5% 80 14.3% 99 26 96.3%
Old Town $377,500 15.8% 64 20.8% 82 13.9% 102 36 95.6%
Portage Park $260,000 2.0% 133 6.4% 131 4.0% 174 29 96.8%
Pullman $74,750 66.1% 12 -7.7% 17 -10.5% 20 32 94.9%
Ravenswood $304,000 -23.0% 51 6.3% 72 24.1% 94 35 98.0%
Rogers Park $146,000 -4.3% 98 14.0% 163 14.8% 164 37 96.9%
Roscoe Village $462,500 -1.6% 54 -11.5% 116 54.7% 158 16 97.2%
Sauganash $310,000 -11.9% 25 92.3% 37 12.1% 51 61 94.1%
South Lawndale / Little Village $109,000 55.7% 33 -10.8% 44 -4.3% 54 27 99.8%
South Loop $338,000 1.8% 204 15.3% 265 13.7% 366 37 99.6%
South Shore $61,999 24.0% 65 -27.8% 124 -9.5% 135 68 96.4%
Streeterville $490,000 10.1% 126 2.4% 236 -5.6% 230 63 95.8%
The Loop $327,000 -10.3% 110 -6.8% 197 11.3% 220 39 98.7%
Tri-taylor $338,500 92.1% 11 -8.3% 9 -43.8% 12 71 98.2%
Ukrainian Village $534,000 6.8% 18 -14.3% 39 25.8% 47 22 97.7%
Uptown $237,500 17.6% 112 -12.5% 194 -3.5% 235 32 96.5%
West Loop $365,000 1.4% 108 -18.8% 124 44.2% 183 14 100.2%
West Town $455,000 4.6% 278 -0.4% 356 31.9% 521 20 98.6%
Wicker Park $517,500 10.0% 72 -4.0% 81 37.3% 119 22 98.3%
Chicago, IL $225,000 12.7% 1,645 -7.2% 8,801 7.8% 4,603 39 98.1%

NOTE: Not all neighborhoods are listed, but totals for Chicago encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over a three-month span that ended Feb. 29. Inventory measures listings active as of Feb. 29.

For more information, contact Redfin journalist services

Phone: 206-588-6863
Email: press@redfin.com

See Redfin’s data center to find out what’s happening in other cities.

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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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