Get the latest monthly update on the Chicago Real Estate Market for the residential market in Lincoln Park and the surrounding neighborhoods.
𝐓𝐡𝐞 𝐩𝐚𝐜𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐬𝐥𝐨𝐰𝐢𝐧𝐠 𝐝𝐨𝐰𝐧.
2022 January residential pending sales volume across property type and neighborhood are up significantly over 2021.
Lincoln Park and Lakeview are both up by 30%. Pending sales for SFH’s are up over 100% and condos, co-ops and townhomes are up by nearly 70%. Trailing only by a small margin, Old Town/Clybourn Corridor, River North, and West Loop condos, and townhomes are up by 55-60% too.
Multiple offers are still taking place on homes that are priced at the market and in good condition. Affordability improved for luxury home buyers with good credit when the Jumbo loan limit went from $548,250 (in 2021) to $647,200. This, combined with low-interest rates, helped fuel the 2021 market. Although rates are expected to go up, there are still many buyers who sat out what felt like a hot market last year.
Here is a look at last month’s activity by neighborhood:
If you want to know how last month’s sales impacted your home’s value, we’re here for you!