The median sales price in the city of Chicago was $312,500 in June, illustrating a 1.8 percent increase from June 2017. For condos specifically, the median price is $325,000, up 1.6 percent since one year ago. Those figures only consider the price of homes and condos sold in June specifically.
From a 12-month average, which paints a slightly broader picture of how the Chicago residential market is moving, the median overall sales price is $288,000 (up 2.9 percent) while the median condo price is $318,500 (up 3.4 percent).
From Illinois Realtors latest monthly market update, for-sale inventory across Chicago is down 6.3 percent to 8,648 homes for sale as of May 2018. Median time on the market is at 33 days, which is 8.3 percent faster than a year ago.
Notable (positive) shifts in median sales price in the last year occurred in Gold Coast, up 15.3 percent, Bucktown, up 21.8 percent, and West Town, up 11.6 percent. The median sales price dipped in Lincoln Park and Avondale by 13.6 percent and 8.1 percent, respectively, compared to last June.
Further, Old Town saw 9.2 percent fewer homes go under contract this June compared to last June. But in Lakeview, the number of homes under contract rose 17.4 percent year-over-year – same as in Avondale.
With news of an impending slowdown in the home buying market due to rising home prices and interest rates, it’s no surprise that homes aren’t selling quite as quickly this summer as they did in the summer of 2017. Take Old Town, where the market time is up 30.4 percent compared to last year. The increase was even steeper in Lakeview at a 72.7 percent jump and Bucktown at a 70 percent jump. In Lincoln Park, median market time rose 5.6 percent overall but a whopping 46.2 percent in the condo market specifically.
Other neighborhoods where homes took longer to sell this June include West Town (up 25 percent) and Avondale (up 21.4 percent). Despite the slower pace for homes selling in these communities, it’s important to note that 2017 was a particularly demanding year. Most still boast a median time of less than a month before homes there go under contract. Plus, the mid-range home receives close to the initial asking price, indicating steady demand.
A significant increase in new listings for the month occurred in both Old Town (up 31 percent year-over-year) and Bucktown (up 19.2 percent year-over-year) compared to one year ago. Here’s how the number of homes for sale has changed in the last 12 months across the city:
- The Loop: +9.8%
- West Loop: -14%
- South Loop: +17.5%
- River North: +19.1%
- Gold Coast: +5.7%
- Old Town: +18.8%
- Lincoln Park: +8.5%
- Lakeview: -6.1%
- Logan Square/Bucktown: +18.1%
- West Town/Wicker Park: +10.6%
- Avondale/North Center: +3.7%
**Unless otherwise indicated, discussed data points reflect all residential property types, including attached single-family, detached single-family, townhouses, and condominiums.