Let’s take a look at what is happening in the Lincoln Park neighborhood in Chicago.
Here are the trends for Average Market Times by property type in Lincoln Park.
What does average market time tell you? The amount of time a home spends on a market depends on several key variables: location, condition, number of homes available, how a listing is marketed, pricing, and market trends. A longer market time can influence the lens a buyer looks at the listing with. As with averages, some of the listings will sell much faster and some much slower, skewing the average up or down. Still it can be a good benchmark indicator of trends.
Average Sale Price in Lincoln Park by property type.
What is the difference between the average and median sale prices? These terms sound similar, but there are different approaches to determining these market indicators. The average sale price is the baseline price of all homes sold over a specific period in a specific area. The sum of the volume is divided by the number of homes sold. The median sale price indicates the mid-point with half the homes are selling higher in price and half selling lower.
Each home sale can affect the value of neighboring homes. Thinking of making a move? See what homes sold last month in Chicago’s Lincoln Park neighborhood.
Moving out of state? Get the latest National Housing Indicators HERE.
The home sales from last month are an indication of market trends. If you are considering making a move, it helps to know what homes are selling for and the pace of the market. Each home is unique, so it’s important to have a professional evaluation of your home’s value. If you’d like to schedule a call, CLICK HERE. or call or text at 312-953-7811.