Chicago home prices cooled off well before warm temperatures subsided earlier this fall. Since our last Chicago real estate market update in July, condo prices fell in most of the major downtown neighborhoods – with a few exceptions.
Avondale’s median condo price rose an impressive $44,250, or 13.8 percent, in only a two-month period. Lakeview and Lincoln Park condos also saw increases of $12,500 (3.38 percent) and $28,000 (6.3 percent), respectively. Meanwhile, North Center condo prices boosted 5.16 percent – or $21,499.
In terms of notable home price drops, West Loop condos sold for $28,250 less in September compared to July, illustrating an almost 7.5 percent dip. Logan Square prices similarly posted a steep drop of around 5 percent, while Near North Side (River North, Gold Coast and Old Town) condo prices fell a milder 4.1 percent.
Once again, River North and its neighboring communities had the highest number of closed sales at 224, slightly down from July’s 275. Next in line was Lakeview with 167 closed condo sales. West Town/Wicker Park/Bucktown once again came in third place with 105 closed sales. Keep in mind, the number of closed sales is strongly related to the neighborhood’s sheer size, plus other factors such as property type, zoning, and new construction activity.
Despite the rumors, there were still plenty of new listings to go around this September in the primary downtown Chicago neighborhoods. In fact, there were more condos for sale in River North/Gold Coast/Old Town, West Loop, Lakeview, Logan Square, North Center, Avondale and West Town/Wicker Park/Bucktown in early fall compared to mid-summer.
Of course, average market time rose slightly in some areas as the hurried home buying season came to a close. The average days on the market for River North condos boosted by 15 days, while Lakeview condos’ average market time increased a negligible 3 days. Avondale condos showed a steep market time surge, from a 20-day average back in July to 61 days in September. But in the West Loop, South Loop, Lincoln Park and the Loop, average time on the market for condos dropped anywhere between one and three weeks.
Overall, Chicago home sales (both single-family and condo) dropped 4.6 percent year-over-year. Meanwhile, median prices on all residential sales were 5.7 percent higher this September compared to the same month last year.
With 30-year fixed mortgage interest rates hovering at a favorable 4.18 percent – down from 4.22 percent just a few weeks ago – now’s a great time to buy a condo in Chicago. Contact Z Chicago to discuss the current market, Chicago communities and the best time to start your search.