Chicago Home Prices Rising, Homes Selling at Fastest Pace in Two Years

by Real estate financingMission+
23 minutes read

Chicago home prices

Chicago home prices rose 6.1 percent in May, inventory was at its highest level in more than two years and sales rose nearly 11 percent from the same time last year.
After a run of double-digit price growth, appreciation slowed as more homeowners put their houses, condominiums and co-ops on the market. The stock of homes for sale grew more than 18 percent from a year ago, the biggest bump in at least three years.
That gives buyers more leverage, but prices continue to rise and desirable homes are moving quickly, with half selling in 17 days or less, the fastest sales pace in almost two years. The median sale price was $285,000, up slightly from April. Properties fetched more than 97 percent of asking price, the highest sale-to-list ratio in nearly two years.
“It’s still a seller’s market in Chicago,” Redfin Chief Economist Nela Richardson said. “For the last three months the city has had just four months of supply. Though price growth is slowing, the typical home is selling three days faster than it did a year ago due to still-strong demand.”
chicago-median-sale-price-yoy-may-2015

Biggest Gains

The median sale price was up almost 61 percent in Hyde Park from last year, 44.4 percent in Tri-Taylor and nearly 42 percent in Rogers Park. In South Lawndale/Little Village, one of the city’s most affordable neighborhoods, many homes sold for more than their asking price amid short supply. The median price there was less than $70,000.
Another affordable community, Ukrainian Village, was still one of the city’s hottest markets, with half of homes selling in nine days or less. North Center, too, is strong. Despite a nearly 50 percent increase in new listings, the median home sold in 18 days. In the West Loop, inventory is down and more properties are selling above asking price.
“The West Loop is selling like crazy, with most properties getting multiple offers in a matter of days,” Redfin agent Ali Donoghue said. “The easy access to transportation combined with great retail, restaurants, a top-rated public elementary school and an emerging technology district have made it a coveted destination.”
Buyers still have negotiating power in some neighborhoods, including McKinley Park, Beverly and Pullman, where prices fell. Englewood, a community where all-cash buyers are the norm, had the biggest price drop, down 20.2 percent.
chicago-homes-sold-yoy-may-2015

Here’s what’s happening in your neighborhood:

Neighborhood Median Sale Price Year-Over-Year Homes sold Year-Over-Year Inventory Year-Over-Year
Albany Park $235,900 33.7% 121 47.6% 263 58.4%
Andersonville $330,500 -4.9% 64 28.0% 144 37.1%
Archer Heights $153,750 20.6% 22 -21.4% 27 -32.5%
Austin $70,000 27.3% 82 -26.1% 188 -14.9%
Avondale $327,500 34.8% 117 50.0% 146 15.9%
Beverly $235,000 -9.3% 69 0.0% 166 9.9%
Bridgeport $287,950 14.3% 42 -10.6% 114 3.6%
Brighton Park $130,000 33.3% 32 -3.0% 44 -8.3%
Bucktown $495,000 18.2% 120 14.3% 173 -1.1%
Edgewater $203,000 12.8% 260 16.6% 551 30.9%
Edison Park $295,000 -0.3% 65 41.3% 97 44.8%
Englewood $10,000 -20.2% 17 -15.0% 87 -4.4%
Gold Coast $308,000 4.4% 245 16.1% 559 12.2%
Humboldt Park $275,000 11.8% 159 6.0% 292 5.8%
Hyde Park $209,000 60.8% 89 4.7% 308 -1.9%
Jefferson Park $249,500 10.9% 99 -2.0% 156 28.9%
Kenwood $197,500 39.2% 62 29.2% 196 13.3%
Lincoln Park / DePaul $485,000 2.3% 555 10.1% 977 17.3%
Lincoln Square $343,475 33.1% 84 29.2% 153 10.9%
Logan Square $333,000 7.8% 212 30.1% 264 10.5%
McKinley Park $135,000 -15.9% 19 18.8% 35 2.9%
Montclare $185,750 3.2% 44 -2.2% 96 39.1%
Near North Side $405,000 5.2% 990 4.8% 2,071 6.3%
North Center $419,900 0.0% 133 31.7% 235 49.7%
Old Town $326,000 -4.1% 154 1.3% 245 -4.3%
Portage Park $250,000 21.2% 171 -2.3% 318 18.2%
Pullman $43,000 -6.5% 24 -11.1% 53 0.0%
Ravenswood $340,000 7.3% 103 83.9% 145 20.8%
River North $405,000 8.0% 317 -7.0% 574 4.7%
Rogers Park $156,450 41.8% 146 -27.4% 361 16.8%
Roscoe Village $484,600 18.2% 121 11.0% 205 9.6%
Sauganash $379,700 -5.1% 38 -28.3% 103 15.7%
South Lawndale / Little Village $69,900 41.5% 29 0.0% 46 -6.1%
South Loop $340,750 0.2% 378 -1.6% 732 11.6%
South Shore $36,350 8.5% 100 3.1% 251 -17.4%
Streeterville $465,000 3.3% 227 1.3% 580 -5.1%
The Loop $362,750 9.9% 278 -6.7% 606 4.3%
Tri-Taylor $195,000 44.4% 24 71.4% 39 77.3%
Ukrainian Village $414,000 -1.1% 43 -18.9% 73 0.0%
Uptown $255,000 3.7% 319 3.9% 665 9.6%
West Loop $370,000 14.6% 299 22.5% 269 -2.2%
West Town $415,000 7.1% 647 19.8% 852 4.9%
Wicker Park $433,750 11.9% 226 41.3% 248 0.0%
Wrigleyville / Lakeview $368,000 -3.2% 855 18.3% 1,459 18.9%
Chicago, IL $285,000 6.1% 2,712 10.9% 10,745 18.1%

 

Neighborhood New Listings Median Days on Market Avg Sale-to-List Months of Supply
Albany Park 260 37 95.6% 0.8
Andersonville 149 31 95.9% 0.8
Archer Heights 31 34 91.5% 0.8
Austin 158 33 95.8% 1.0
Avondale 174 19 97.9% 0.5
Beverly 154 51 94.9% 1.1
Bridgeport 95 32 98.1% 1.3
Brighton Park 48 14 97.8% 0.7
Bucktown 215 20 96.9% 0.4
Edgewater 550 31 94.3% 0.8
Edison Park 113 24 95.2% 0.7
Englewood 50 51 97.4% 3.3
Gold Coast 535 34 94.3% 1.0
Humboldt Park 310 24 96.5% 0.7
Hyde Park 222 71 89.7% 1.9
Jefferson Park 186 28 93.8% 0.5
Kenwood 151 60 91.1% 1.7
Lincoln Park / DePaul 1,143 20 96.3% 0.6
Lincoln Square 167 26 95.6% 0.5
Logan Square 355 11 97.7% 0.4
McKinley Park 34 44 96.0% 0.9
Montclare 82 37 94.2% 0.9
Near North Side 2,110 30 96.0% 0.8
North Center 276 18 97.4% 0.5
Old Town 300 19 95.8% 0.5
Portage Park 338 26 94.3% 0.7
Pullman 38 38 93.4% 1.1
Ravenswood 171 16 95.9% 0.4
River North 646 23 98.1% 0.6
Rogers Park 329 30 94.5% 1.0
Roscoe Village 251 20 97.2% 0.4
Sauganash 113 20 96.2% 0.9
South Lawndale / Little Village 37 21 104.6% 0.8
South Loop 850 20 98.4% 0.6
South Shore 173 42 95.6% 1.5
Streeterville 499 56 94.6% 1.2
The Loop 606 36 95.8% 0.8
Tri-Taylor 38 29 96.4% 0.7
Ukrainian Village 92 9 97.5% 0.6
Uptown 671 33 94.6% 0.7
West Loop 415 12 99.7% 0.3
West Town 1,143 17 97.1% 0.4
Wicker Park 359 12 97.2% 0.3
Wrigleyville / Lakeview 1,652 24 96.4% 0.6
Chicago, IL 4,685 17 97.3% 4.0

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 data is measured over the three months ended May 31. Inventory measures listings active as of May 31.
For more information, contact Redfin journalist services:
Phone: 206-588-6863
Email: press@redfin.com
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