What Are the Current Real Estate Conditions in Rogers Park?

What Are the Current Real Estate Conditions in Rogers Park? (Source: Wikimedia Commons)

Why Rogers Park?

Located just south of Evanston, Rogers Park is a quiet community with a rich history, offering the best of suburban and city living in one lovely package. 

An extremely walkable neighborhood with its fair share of restaurants and a thriving arts scene, Rogers Park is home to one of the most diverse and highly-educated populations in the state. That makes sense: As the home of Loyola University and just a short commute away from Northwestern, Rogers Park is a haven for students and academics alike.

Ready to join their charming community? Here are the current stats for Rogers Park's condo and housing market:

Rogers Park's Current Condo Market 

1. The Average Sale Price of a Rogers Park Condo Is Climbing Gradually

Condo prices in Rogers Park

The average sale price of a condominium in Rogers Park climbed consistently from 2014 to 2016. After sitting around a high of $160,000 in 2017, the price has begun to climb again, and is nearing $170,000, a recent high. This price is about $110,000 more than the bottom of the Rogers Park condo market in summer 2012, but still far below historical highs of $220,000 in 2008.

2. Condominium Inventory in the Neighborhood is Fairly Balanced

Condominium inventory in Rogers Park, Chicago

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 mutually beneficial 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. 

In Rogers Park, the months supply of inventory currently sits just above three months when it comes to condos. This means that Rogers Park's condo market is relatively balanced, making it an appealing option whether you're looking to buy or sell. Should inventory drop any lower, we may start to see the market more explicitly favor the seller. 

3. The Average Condo Stays on the Market For Fewer Than 90 Days

Condo market time in Rogers Park

The average Rogers Park condo spends between three to four months on the market, a rate that has begun to accelerate after holding fairly steady for the better part of the last two years. 

Rogers Park's Current Single Family Home Market

1. The Average Selling Price of a Rogers Park Single Family Has Dipped 

Single family home prices Lincoln Park, Chicago

The price for a Rogers Park single family climbed and fell through 2014 and 2015 before leaping upward as we moved into the early months of 2016. Since then, prices have remained high while slowly declining, currently sitting just below $420K, down from a 2016 high of more than $460K.

2. Rogers Park's House Market Is Fairly Balanced

Rogers Park Single Family Home Months Supply of Inventory

In Rogers Park, the months supply of inventory has bounced between three and six months, generally averaging around five. This means that Rogers Park's house market is relatively balanced, making it an appealing option whether you're looking to buy or sell. As of the time of this writing, we currently see about three months of inventory available - but this is likely to change.

All said, we expect Rogers Park to be a hot home market - both condo and single family - in spring 2017

3. Homes Are Spending More Than 110 Days on the Market

Single family home days on market in Lincoln Park?

Since 2014, houses in Rogers Park have tended to stay on the market for fewer than 100 days; that held true until early 2017, when average market time crossed the 100 days threshold. Today, the average Rogers Park home spends nearly 120 days on the market. 

Ready to Purchase a Rogers Park Property? 

When you're ready to live in an inviting neighborhood bursting with winning charm and steeped in Illinois history, the Real Group team would love to help you find a home in Rogers Park. To begin the process, why not drop us a line?

Thinking of buying a home? Search all of the listed homes in Chicagoland now.

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