What Are the Current Real Estate Conditions in Lincoln Square?

Image Source: Flickr User James~Quinn (https://www.flickr.com/photos/jayqueue/117977633/)

Why Lincoln Square?

Lincoln Square is a really wonderful blend of old and new. Heavily influenced by its German past, this neighborhood is home to the DANK Haus German American Cultural Center and Chicago's Berlin Wall Monument, along with stellar restaurants and bars like Huettenbar where it always seems to feel like Oktoberfest. 

Simultaneously, the Old Town School of Folk Music, which moved to the neighborhood in 1998, brought a musical renaissance to Lincoln Square. Check out Laurie's Planet of Sound and the Grafton for an expansive selection of recorded and live music. And, if you're in the mood for something spooky, visit the Rosehill Cemetery, where the Oscar Mayer is buried. 

Looking for more things to eat, drink, and do in Lincoln Square? Check out some of our favorite online resources for the neighborhood:

Are you interested in calling this historic, lively neighborhood home? Here are the current housing market statistics you should know:

Lincoln Square's Current Condo Market

1. The Median Sales Price of a Lincoln Square Condo Is Holding Steady

The median condo sale price for Lincoln Square escalated steadily into 2015, before dropping to a low below $250,000 heading into 2016. Prices climbed once again over the course of 2016, and have since leveled off, currently hovering between $270,000 and $280,000. We can expect to see these prices remain high, and possibly climb, in the months ahead.

2. The Months Supply of Inventory Indicates a Condo Market That Favors Sellers

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, Lincoln Square's condo market sits below 2.5 months, making it a beneficial market for sellers.

3. The Average Condo Spends Fewer Than Two Months On the Market

For some time, the average condo in Lincoln Square spent between 60 and 70 days days on the market - a vast departure from the significantly slower market times of 2013 and 2014. Recently, wait times dropped even further, to the 55 day mark. As with the months supply of inventory graph, this metric suggests that Lincoln Square is an area with high, steady demand for condos.

Lincoln Square's Current Single Family Home Market

1. The Median Sales Price of a Single Family Dwelling May Be Leveling Off

The median sales price for a Lincoln Square single family home fluctuates a bit more than other neighborhoods, which may have as much to do with sample size (amount of data to measure) as it does with actual market activity. That being said, the general trajectory of these homes was on the up and up for some time, with prices climbing in fits and starts. Recently, we've seen this growth level off, hovering around $700,000.

2. The Months Supply of Inventory Among Houses Is Good for Buyers and Sellers 

In Lincoln Square, the months supply of inventory for single family homes is between four and five months, making it a good situation for both buyer and seller! Buyers should keep an eye on this graph in the months ahead, however, as we expert market time (below) to slowly continue to climb higher, tilting the market in favor of buyers.

3. Lincoln Park Homes Spend More Than 100 Days on the Market

As expected, this number has continued to climb steadily since 2015, with the average home now spending more than 100 days on the market. We expect wait times to climb even higher, so hesitant sellers might want to get the ball rolling now, while home values are also strong!

Ready to Purchase a Lincoln Square Home? 

When you're ready to live in a neighborhood full of eclectic charms for every taste, the Real Group team would love to help you find a new home in Lincoln Square! To begin the process and explore the neighborhood even more, why not drop us a line today?

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Chicago, IL 60614

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