Chicago’s residential real estate market is continuing its upward pace and inching closer to prices not seen since before the recession, according to last month’s activity tracked by the Midwest Real Estate Data (MRED). This April, the median home price in Chicago reached $288,000 – a 3.7 percent increase from one year prior. That’s a slight boost since our March 2018 Chicago real estate market update, when the median sales price hit $287,000.
To put the numbers into perspective, Chicago home prices reached their historical peak in the summer of 2008 at $299,900 and hit bottom in February 2012 at a median $173,000.
Looking at condominiums specifically, prices have already exceeded pre-recession levels. Chicago condos hit their peak in late 2008 with a median price of $315,000. Now at a median of $317,500, condo prices have increased 4.1 percent in the last year alone.
Per Illinois REALTORS most recent monthly local market update, time on the market is down 4 percent and the number of Chicago homes for sale down 10 percent compared to one year earlier.
Chicago neighborhood home and condo prices
Old Town outshines for annual growth
Although the median sales price in Old Town (ZIP 60610) dropped 3.9 percent last month, the Near North neighborhood saw some other impressive gains. For starters, there were 15.1 percent more closings in Old Town and the number of homes under contract jumped 12.1 percent this April compared to last. New listings rose an impressive 39.3 percent year-over-year, while market time dropped a staggering 40 percent during the same time frame.
Per recent trends, the West Loop maintained its place as one of the most in-demand hyperlocal markets in Chicago. The median sales price grew 13.3 percent year-over-year to $453,000 while closed sales rose 20.9 percent. Gold Coast and Streeterville saw similar upticks with a 17 percent increase in median sales price and 18 percent jump in closed sales. The median price for homes in Wicker Park was up 13.7 percent, as well.
Looking at declining neighborhoods, River North’s median sales price dropped 16.8 percent this April compared to April 2017. Homes under contract in 60654 also fell 27.5 percent, while days on the market rose 40 percent. South Loop’s median sales price dropped a lesser 6.3 percent, but homes under contract increased 13.7 percent.
The hottest Chicago neighborhoods right now
Despite the dips in its own performance since last year, River North homes received the highest average offer compared to asking price of all the major downtown Chicago neighborhoods at 100.2 percent. West Loop came in second place, where homes for sale received 99.8 percent of asking price, on average. South Loop homes for sale placed third, receiving an average of 99.1 percent of asking price.
Lincoln Park had the most homes under contract (186), followed by Lakeview (180) and West Town/Wicker Park (131). Lincoln Park also had the most closed sales overall at 142, but neighborhood size is also a swaying factor. Looking at condos alone, Lakeview had the most closings (116), followed by Old Town (109).
In April, time on the market was swiftest in Logan Square/Bucktown and Avondale/North Center at a median 13 days each.