What are the Current Market Conditions for North Center?

What are the Current Market Conditions for North Center? (Source: wikimedia.commons - used as royalty free image)

Want a little bit of everything? Chicago's North Center - a community area bordered on the north by Montrose Avenue, on the south by Diversey Parkway, west by the Chicago River, and on the east by Ravenswood Avenue - is notable for its small community feel, proximity to great schools, and easy access to the best that Chicago's North Side has to offer, including live theater, comedy, music, and just about every cuisine you could imagine, from traditional German pub fare to cutting edge sushi. 

North Center also boasts some of Chicago's most charming residential architecture, large parks, and pristine, tree-lined streets. 

Ready to get a feel for North Center's quiet charm? Here are the current market statistics for North Center you should know:

North Center's Current Condo Market

1. The Median Sale Price of a North Center Condo Has Been Steadily Rising

North Center Condo Median Sales Price

After a particularly sharp climb (and plateau) in early 2014, the average sale price of a North Center condo has been climbing fairly consistently for some time now. As of the summer of 2017, the median sales price of a condo sits above $420,000, a significant step up from the $355,000 median in early 2014.

2. Condo Prices are Expected to Climb Based Upon Months Supply of Inventory

North Center Condo Inventory

The months supply of inventory counts the number of months it would take to sell all of the condos currently on the market if no other new homes were added. It is a theoretical predictor of the housing market's growth and stability. 

Typically, three months of inventory or fewer indicates a seller's market, and we expect prices to rise in this situation.  

A balanced months supply of inventory is about four to six months, meaning that the situation is well balanced for both buyer and seller.

A buyer's market is typically a market that reaches more than six months. Because the number of homes on the market is disproportionate, prices would be expected to drop. 

Currently, inventory in North Center sits right around two months, making it a seller's market. We believe that this will result in steady growth and higher sale prices. 

3. The Average Condo Spends Fewer Than 55 Days on the Market

North Center Condo Days on Market

After a sharp drop between 2013 and 2014, the average market time for the average condo in North Center held steady, just below 60 days, for the better part of two years. More recently, wait times have declined slightly, and now sit between just 50 and 55 days, indicating a hot market. 

North Center's Current Single Family Home Market

1. The Median Sales Price of a Single Family Home Remains Slightly Higher than $1M

North Center Single Family Home Median Sales Price

The average single family home in North Center saw steadfast growth for the better part of three years, with the sharpest increase - up to $1.05 million - happening in the middle of 2015. After a slight leveling off to $1 million, prices have risen again, reaching new highs around $1.07 million. 

2. The Sales Price of Single Family Homes is Expected to Maintain Based Upon Months Supply of Inventory 

North Center Single Family Home Inventory

The months supply of inventory for single family homes in North Center has climbed consistently since 2014 and currently sits at more than six months. This means that it is a fairly balanced market that may soon be tipping in the buyer's favor.

3. The Average Single Family Home Spends About 120 Days on the Market

North Center Single Family Home Days on Market

The average single family home saw a sharp decline in market time in the middle of 2014, plummeting from 60 days to about 40 over that period. Since then, rates have climbed steadily, and the average home stays on the market for just about 120 days. Based on market trends, we should see this number continue to increase in the months ahead. 

Ready To Purchase a North Center Home? 

When you're ready to live in a neighborhood with plenty to do and a real community feel, the Real Group team would love to help you find a new home in North Center! To begin the process and explore the neighborhood even moredrop us a line today!

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