Get the latest monthly update on the Chicago Real Estate Market for the residential market in Lincoln Park and the surrounding neighborhoods.
๐๐ก๐ ๐ฉ๐๐๐ ๐จ๐ ๐ญ๐ก๐ ๐ซ๐๐๐ฅ ๐๐ฌ๐ญ๐๐ญ๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ฌ๐ฅ๐จ๐ฐ๐ข๐ง๐ ๐๐จ๐ฐ๐ง.
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 monthโs sales impacted your homeโs value, weโre here for you!
Email Maureen or call/text at 312-953-7811.
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