To jumpstart 2019, 1,325 Chicago homes sold in January. This includes single-family houses, condominiums, and townhouses. Unfortunately, citywide sales were down 8.2 percent compared to January 2018, when 1,444 homes sold. The condo market specifically saw an even steeper 8.9 percent year-over-year drop in sales with a total of 643 closings across the city for the month.
Market time for both the overall housing market and Chicago condos has been on a steady incline since August, which is normal given Chicago’s real estate market seasonality. Still, Chicago homes that sold in January sat on the market for a median of 69 days, which is 10 days more than the median market time in January 2018. Chicago condos for sale took 72 days from listing to closing compared to 59 days one year ago.
The median sales price in Chicago held steady at $253,000 – unchanged from the month prior but down 4.5 percent year-over-year. Chicago condos sold for a median $298,750, down slightly from December with a 5.2 percent year-over-year drop.
Chicago is not only seeing fewer sales in both the overall residential housing market and condos specifically but lengthier market times and softening prices, which is indicative of the highly-anticipated (or dreaded, depending on your situation) shift from a seller’s to a buyer’s market.
Still, Chicago real estate trends vary considerably by location. In fact, out of the 11 Chicago neighborhoods surveyed, seven had higher home prices this January compared to a year ago. Just because Chicago as a whole is favoring home buyers on paper right now doesn’t mean it’s not a good time to sell as a homeowner or that you’re bound to get a good deal as a buyer.
Chicago real estate trends by neighborhoods
Chicago home sales by neighborhoods
The Loop, Chicago
- Home prices in the Loop fell 0.9%
- Market time in the Loop rose 52.8%
- Closed sales fell 25%
- New listings rose 9.4%
West Loop, Chicago
- West Loop home prices rose 24.7%
- West Loop market time rose 102.1%
- Closed sales fell 25%
- New listings fell 1.1%
South Loop, Chicago
- South Loop home prices rose 2.3%
- Market time rose 31.6%
- Closed sales fell 29.4%
- New listings fell 4%
River North, Chicago
- River North home prices rose 16%
- Market time rose 27.6%
- Closed sales fell 24.4%
- New listings fell 5%
Gold Coast/Streeterville, Chicago
- Gold Coast and Streeterville home prices rose 13.2%
- Market time rose 4.7%
- Closed sales fell 24.1%
- New listings rose 0.8%
Old Town, Chicago
- Old Town home prices fell 1.4%
- Market time rose 80%
- Closed sales fell 20.5%
- New listings rose 13.8%
Lincoln Park, Chicago
- Lincoln Park home prices fell 5.7%
- Market time fell 38.5%
- Closed sales fell 24.6%
- New listings rose 14.3%
- Lakeview home prices rose 10.7%
- Market time fell 23.5%
- Closed sales fell 32.4%
- New listings rose 10%
Logan Square/Bucktown, Chicago
- Logan Square and Bucktown home prices rose 10.1%
- Market time rose 22.9%
- Closed sales rose 26.3%
- New listings fell 13.6%
West Town/Wicker Park, Chicago
- West Town and Wicker Park home prices rose 14.3%
- Market time rose 37%
- Closed sales fell 17.3%
- New listings rose 9.9%
Avondale/North Center, Chicago
- Avondale and North Center home prices fell 8.8%
- Market time rose 64.9%
- Closed sales fell 36.5%
- New listings fell 17.6%
Homes took longer to sell this January compared to last January in almost every major Chicago neighborhood – except for Lincoln Park and Lakeview, where homes sold 35 days and 19 days faster, respectively, compared to last year. Lakeview also had a strong increase in home prices, which is good news for homeowners in the area who plan to sell this year.
Another winner this January was Logan Square and Bucktown, where closed sales actually rose year-over-year by 26.3 percent. There were just 38 closed sales in ZIP 60647 last January and 48 in January 2019. Surprisingly, the increase in sales is not due to new construction closing which actually fell 11.1 percent year-over-year. Coupled with Logan Square and Bucktown’s rising home prices (up 10.1%), expect these two northwest neighborhoods to remain strong through the rest of the year.
And, as previously noted, over half of the Chicago neighborhoods surveyed had higher home prices on an annual scale. Homes are now more expensive now in the West Loop, South Loop, River North, Gold Coast/Streeterville, Lakeview, Logan Square/Bucktown, and West Town/Wicker Park than they were one year ago.
What does it cost to buy a condo in Chicago?
If you’re looking at condos specifically, as many city buyers and sellers are, here is the latest data:
The biggest takeaway here is that Chicago is a big city and the citywide real estate trends rarely paint an accurate picture of what’s occurring on the hyperlocal level. Staying up to date with neighborhood-level real estate market trends helps buyers narrow down where they can realistically afford to buy while giving sellers an idea of nearby demand.
For a more personalized report based on your needs as a buyer or seller, contact Z Chicago today.