Chicago Property Values Post Double-Digit Growth

by Real estate financingMission+
23 minutes read

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Chicago home prices notched their fourth-straight month of double-digit growth in April, with the median sale price rising 10 percent from a year ago. The number of properties sold fell 4.8 percent.
The city’s median sale price reached $275,000, up from $260,000 in March, as the spring selling season got into full swing. On average, homes fetched 96.6 percent of their asking price, the highest sale-to-list ratio since last July. One in five properties sold for more than the seller was asking.
The number of houses, condominiums and co-ops on the market jumped nearly 23 percent from a year ago, the biggest inventory bump in data going back to January 2011. Still, only 4,782 properties went up for sale, fewer than in March, which tends to be a slower selling month. Fewer properties sold in April, too. That’s out of the ordinary – transactions and inventory historically go up in April.
Sellers are finding buyers at a much faster clip than they did a month ago. Half of homes sold in 22 days or less, the fastest market since August. By comparison, half of homes sat on the market for at least a month in March. Ukrainian Village was the city’s fastest-moving neighborhood for sales, with half of homes selling in 10 days or less.
“The data certainly shows the effects of record-breaking cold temperatures in Chicago on sales this year,” Redfin Chief Economist Nela Richardson said. “The big downward jump in median days on the market, to 22 in April from 37 in March, illustrates how quickly buyers were ready to pounce once the weather warmed.”
Chicago medianprice 2015April

Biggest Gains

Median sale prices were up more than 75 percent in Oakland, nearly 59 percent in Lincoln Square, more than 50 percent in Avondale, and nearly 46 percent in Washington Park. In South Lawndale/Little Village, Rogers Park and Albany Park, they were up about 41 percent.  In Ukranian Village, prices rose nearly 21 percent.
“Ukrainian Village is a pocket neighborhood that’s often overlooked in favor of its more popular neighbor, Wicker Park,” Redfin agent David Smith said. The community recently welcomed a new Mariano’s  grocery store, has great nightlife, and is home to St. Mary’s Hospital, a major employer. “It’s very livable, especially since it features a substantial number of renovated and updated homes. I wouldn’t be surprised if it continues to see price appreciation as more people rediscover it.”
Buyers still have negotiating power in some neighborhoods. Prices fell 19 percent in Brighton Park, where the median home went for $103,000. Old Town and Bridgeport also lost ground.
SF homessold 2015April

Here’s what’s happening in your neighborhood:

Neighborhood New Listings Median Days on Market Average Sale-to-List Months of Supply
Albany Park 184 40 94.6% 1.1
Andersonville 108 30 95.4% 1.3
Archer Heights 24 40 91.0% 0.9
Austin 118 36 95.3% 1.3
Avondale 137 22 98.1% 0.6
Beverly 124 51 93.7% 1.8
Bridgeport 72 47 96.8% 2.0
Brighton Park 35 18 97.2% 0.8
Bucktown 172 22 96.7% 0.6
Edgewater 426 35 93.5% 1.2
Edison Park 91 31 94.4% 1.0
Englewood 40 66 96.5% 4.8
Gold Coast 427 42 93.9% 1.5
Humboldt Park 254 36 94.9% 1.2
Hyde Park 169 91 87.7% 3.1
Jefferson Park 153 42 93.0% 0.8
Kenwood 119 66 89.6% 2.3
Lincoln Park / DePaul 902 24 95.9% 0.9
Lincoln Square 135 30 95.4% 0.8
Logan Square 281 14 97.5% 0.7
McKinley Park 28 44 96.3% 1.1
Montclare 67 34 95.3% 1.4
Near North Side 1,658 38 95.6% 1.2
North Center 224 19 97.1% 0.7
Oakland 48 15 96.6% 1.7
Old Town 232 21 95.5% 0.8
Portage Park 249 42 93.0% 1.0
Pullman 26 35 92.9% 1.4
Ravenswood 133 18 95.5% 0.7
River North 511 29 97.8% 0.9
Rogers Park 274 33 94.6% 1.4
Roscoe Village 207 20 97.0% 0.6
Sauganash 89 26 94.9% 1.4
South Lawndale / Little Village 30 24 104.1% 0.9
South Loop 642 24 97.6% 0.9
South Shore 137 40 94.6% 1.9
Streeterville 408 62 94.1% 1.7
The Loop 500 39 95.4% 1.3
Tri-Taylor 29 53 94.4% 1.3
Ukrainian Village 72 10 97.3% 0.9
Uptown 519 34 94.4% 1.0
Washington Park 34 40 97.3% 1.3
West Loop 322 14 99.2% 0.4
West Town 915 21 96.7% 0.6
Wicker Park 284 16 96.8% 0.5
Wrigleyville / Lakeview 1,321 30 95.9% 0.9
Chicago, IL 4,782 22 96.6% 4.9
Neighborhood Median Sale Price Year-Over-Year Homes sold Year-Over-Year Inventory Year-Over-Year
Albany Park $240,000 41.1% 87 31.8% 206 67.5%
Andersonville $340,000 23.6% 39 34.5% 113 39.5%
Archer Heights $153,750 23.0% 20 5.3% 25 -24.2%
Austin $69,100 38.2% 65 -27.0% 156 -13.8%
Avondale $329,900 50.6% 88 66.0% 128 23.1%
Beverly $240,000 -6.6% 43 -21.8% 144 16.1%
Bridgeport $262,500 -10.4% 28 -28.2% 97 0.0%
Brighton Park $103,000 -19.2% 26 -13.3% 39 -11.4%
Bucktown $509,500 19.9% 85 26.9% 150 15.4%
Edgewater $172,500 -3.1% 180 16.9% 471 36.5%
Edison Park $284,000 0.1% 43 34.4% 87 55.4%
Englewood $11,100 -3.5% 12 -20.0% 79 0.0%
Gold Coast $302,500 -4.0% 167 10.6% 493 16.8%
Humboldt Park $286,750 16.6% 98 -17.6% 256 13.3%
Hyde Park $163,500 33.5% 56 3.7% 276 3.0%
Jefferson Park $247,000 14.6% 71 -5.3% 136 32.0%
Kenwood $159,000 10.5% 45 9.8% 176 22.2%
Lincoln Park / DePaul $501,000 1.2% 380 6.1% 823 20.0%
Lincoln Square $347,500 58.9% 58 26.1% 136 14.3%
Logan Square $326,500 5.3% 141 23.7% 234 34.5%
McKinley Park $135,000 -4.9% 15 15.4% 31 14.8%
Montclare $175,000 2.9% 29 -6.5% 84 52.7%
Near North Side $400,000 2.7% 684 2.1% 1,779 9.0%
North Center $390,000 -8.1% 95 28.4% 194 56.5%
Oakland $225,000 75.4% 15 50.0% 48 92.0%
Old Town $301,000 -12.1% 103 1.0% 206 1.5%
Portage Park $242,680 20.1% 113 -13.1% 261 22.0%
Pullman $41,000 -1.1% 19 -13.6% 42 -10.6%
Ravenswood $347,500 4.1% 65 62.5% 117 15.8%
River North $405,000 6.6% 217 -10.3% 492 9.8%
Rogers Park $145,000 40.8% 107 -30.5% 318 23.3%
Roscoe Village $441,500 5.4% 80 15.9% 178 14.8%
Sauganash $376,250 -1.0% 24 -27.3% 85 26.9%
South Lawndale / Little Village $69,075 41.1% 26 0.0% 42 -2.3%
South Loop $345,000 1.5% 250 -16.1% 622 9.9%
South Shore $36,350 21.2% 78 -4.9% 221 -16.6%
Streeterville $437,000 0.9% 163 -0.6% 515 -1.9%
The Loop $359,000 9.3% 185 -15.9% 538 8.9%
Tri-Taylor $181,500 34.4% 14 40.0% 33 73.7%
Ukrainian Village $447,500 20.9% 30 3.4% 66 6.5%
Uptown $245,000 0.0% 230 10.6% 550 8.1%
Washington Park $36,250 45.6% 24 26.3% 49 11.4%
West Loop $365,000 17.2% 210 23.5% 236 9.8%
West Town $420,000 11.6% 434 16.4% 743 13.6%
Wicker Park $430,950 14.0% 154 49.5% 213 8.1%
Wrigleyville / Lakeview $365,500 -3.8% 566 13.9% 1,266 24.4%
Chicago, IL $275,000 10.0% 2,135 -4.8% 10,537 22.6%

NOTE: Not all neighborhoods are listed, but totals for Chicago encompass entire city. Data is based on multiple-listing information and might not reflect all real estate activity in the market. Neighborhood data is measured over the three months ended April 31. Inventory measures listings active as of April 31.
For more information, contact:
Redfin Journalist Services
Phone: 206-588-6863
Email: press@redfin.com

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