Chicago Real Estate Market Update - July 2018

Posted by Andreas Holder on Friday, August 24th, 2018 at 9:39am.

Welcome to "How's The Market?"

Lincoln Park in Summer

National overview: The U.S. housing market is becoming more and more regionalized. High priced markets in the West are experiencing a slow-down with fewer showings and sales. The Midwest appears to be stable with increased listings and sales, while inventory is slightly growing. Many Northeast markets have had trouble keeping pace with the overall U.S. economic recovery. And the South is experiencing more showings and sales than the rest of the nation. 

Here are some highlights in the Chicago region:

  • 2,776 properties were sold in the City of Chicago in July; a 2.9% increase from July 2017
  • The median sales price was $305,000, up 1.7% from the same time last year
  • Days on market from listing to contract was 64 days, up from 59 days last July
  • Inventory in the city was down 5%, from 9,823 homes in July 2017 to 9,333 homes in July 2018

These numbers show an increase in market activity from July last year to this year, with more sales and higher prices. Let's take a closer look at specific neighborhoods. 

Gold Coast, Streeterville and River North

New listings in the Near North Side were up 14.7% whereas overall sales were down 6.4%. This resulted in an increase of inventory of 12.8% over last year. Year to date, the numbers are consistent with city-wide statistics, with inventory and sales up, resulting in a 1.2 % price increase in condominiums and  0.4% price increase in single family homes. 

Click here to see the report for the Near North Side. 

Lincoln Park

Overall, new listings were down 1.8% and sales were down 12.2% from July 2017 to July 2018, resulting in an increase of supply of 9.7%. Sales of single family homes were down 21.7% and median price was down 8.1%. For condominiums, sales were down 12.8% but prices were up 16.7%. Year to date, prices of single family homes and condominiums increased. 

See the report for Lincoln Park here.

Lake View

In July, new listings increased 9.7% and closed sales increased 9.5% whereas inventory grew by only 1.2%. The median price of condominium units increased by 10.5% , while the price of houses remained constant. These numbers show a substantial increase in activity from July 2017 to July 2018. Year to date, median sales price increased for houses and condos. Lake View is showing strong increase in market activity over last year. 

Click here for the Lake View report

Loop

New condominium listings in The Loop (there were no listings for single family homes) in July decreased by 11.1% from last year and sales decreased by 6.1%. This resulted in an increase of inventory of 8.6%. Median sales price also decreased by 6.4%. 

See the report for The Loop here

Near South Side

New listings of Condominium units decreased by 10.5% in July compared to July 2017 while sales increased by 15.2%. Median sales price of condominiums increased 2.6%. Year to date, there were 5 more sales of houses  (from 3 to 8) and  10 fewer sales of condominiums (from 523 to 513). Overall, the market in The South Loop has been very constant over the last 12 months. 

Click here to see the report for the Near South Side.

 

 

 

Andreas Holder, Chicago Real Estate AgentAre you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too.
Learn more about Andreas or start your home search now.

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