Chicago Real Estate Market
It’s been a month, so it’s time to share how the Chicago real estate market is. Here is the update for Lincoln Park, Lakeview, Old Town and Clybourn Corridor, Gold Coast, River North, West Loop, Bucktown and Wicker Park
The pace of the Chicago real estate market in October continues to be fast with fast market times, especially in the Bucktown / Wicker Park condominium and townhome market with nearly 50% of the homes selling in 2 weeks or less. With relatively low inventory and buyer demand, multiple offers are coming in on the properties that are priced within the market.
Old Town had 70% of the condominiums and townhomes selling within 98% of the list price and some closed over list price. The market pace in River North is similar to other areas, but there has been downward pressure on prices. 40% of the properties sold below list price, and 41% of those did not reflect the parking in the pricing. In the Gold Coast market pace is also on par with neighboring areas, but the Gold Coast has an incredible range in values. A studio with the original kitchen and bath at Oak Street & Michigan Avenue closed for $115K and on the other end of the spectrum and the Magnificent Mile, there were 4 units at the St Regis (formerly the Vista).
Want to know how your home’s value has changed?
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