Chicago’s median sales price reached $287,500 this May, up 2.7 percent since last year. Although the new rolling median shows a slight dip from April, the Chicago real estate market is experiencing a fairly constant upward trend. This spring was the first time Chicago’s home prices rose above $286,000 since January 2009.
In the Chicago condominium market, the median price is the same as it was last month ($317,500), illustrating an increase of 3.4 percent annually.
Illinois REALTORS most recent monthly update for April shows Chicago’s for-sale inventory down 7.3 percent year-over-year and time on the market at 40 days – 9.1 percent faster than this time last year.
Chicago home and condo prices by neighborhood
Surging prices but slow sales for downtown Chicago real estate
The Chicago real estate market fell lethargic this May – at least in terms of how quickly homes in some of the most popular neighborhoods went under contract after being listed for sale. The lengthier median market times throughout Chicago’s downtown neighborhoods could be attributed to a variety of factors, including rising interest rates, surging home prices, and even belated warm weather.
South Loop’s overall market time rose the steepest at 120 percent year-over-year. Lincoln Park’s overall median market time was up a whopping 81.3 percent, with a 37.5 percent rise in the condo market alone. In third, River North condos sold 64.3 percent slower. And, West Loop homes for sale came off the market 55.6 percent slower this May compared to last. Old Town’s condo market time also surged 55.6 percent since last May.
All other neighborhoods saw market time increases (both overall and condo) between 7.7 and 31.6 percent, with two exceptions. Logan Square condos sold at the same pace as they did a year ago, and Lakeview’s overall market time dropped 12.5 percent.
River North, Avondale less expensive than last year
Although the market’s protraction is undeniable, slower sales didn’t impact prices much (yet). The overall median sales price in West Loop was up 13.7 percent since last year. In Old Town, home prices boosted 13 percent.
In more moderate price gains, Lincoln Park homes sold at an 8 percent premium. Gold Coast/Streeterville’s median sales price jumped 6.6 percent in both the broader housing and condo-specific submarkets. And, the median-priced Lakeview condo cost 5.3 percent more this May compared to last May.
The only neighborhoods to see less expensive prices this May were River North, where the overall median sales price fell 8.4 percent (7.4 percent price drop for River North condos), and Avondale/North Center, where the overall median sales price fell 8.6 percent.
Highlights: where are sellers selling homes in Chicago?
- Most overall new listings: Lincoln Park, 384 new homes for sale
- Most new condo listings: Gold Coast/Streeterville, 305 new condos for sale
- Most overall closings: Lakeview, 189 homes sold
- Most condo closings: Lakeview, 157 condos sold
- Most homes overall under contract: Lakeview, 175 homes under contract
- Most condos under contract: Lakeview, 154 condos under contract
Respective Annual Performances
- Number of new listings in Avondale/North Center rose 19.7%
- Number of new listings in South Loop rose 17.4%
- In the Loop, West Loop, Old Town, and Avondale, the number of closed sales tumbled anywhere between 14% and 26%
- Number of West Loop condos under contract rose 10.9%
- Number of Wicker Park homes under contract fell 20.1%
- Number of Wicker Park condos under contract fell 23.8%
- Number of Gold Coast condos under contract fell 22.1%
Editor’s note: Because MLS data relies on individual real estate professionals to provide updates, which are often delayed, data in a specific neighborhood for an earlier month may change after posting. For example, when we compiled data for our April market report on May 9th, there were 84 closed residential sales in the Loop in April. Now, the MLS shows 86 closed sales in April, which altered the various data points (including median sales price) slightly.