Why Lincoln Square?
Lincoln Square is a really wonderful blend of old and new. Heavily influenced by its past as a German cultural hub, this neighborhood is home to the DANK Haus German American Cultural Center and Chicago's Berlin Wall Monument, along with stellar restaurants and Giddings Plaza, 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:
- Lincoln Square Chamber of Commerce
- Choose Chicago's neighborhood guide to Lincoln Square
- "A Guide to Lincoln Square," from Chicago Magazine
- Time Out Chicago's "Complete Guide to Lincoln Square and Ravenswood"
- Baird & Warner's "10 Bucket List Things to See and Do In Lincoln Square"
Are you interested in calling this historic, lively neighborhood home? Here are the current housing market statistics you should know for 2021:
Lincoln Square's Current Condo Market
1. The Median Sales Price of a Lincoln Square Condo Has Climbed In Recent Years
Lincoln Square condo prices rose fairly swiftly from 2017 into 2018, reaching a high around $310,000 around the mid point of 2018. After dipping somewhat in early 2019, the median condo price held fairly steady before climbing again at the end of 2020, reaching a local high of roughly $330K.
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.
As of early 2021, Lincoln Square's condo market inventory sits between 2.5 and 3 months, making it a great market for sellers, as we expect condo prices to remain high or continue rising in the neighborhood for the foreseeable future.
3. The Average Condo Spends Less Than Two Months On the Market
On average, condos in Lincoln Square spend between 50 and 60 days on the market as of January 2021. Looking back, condos have spent roughly two months or fewer on the market for more than three years now. As with the months supply of inventory graph, above, this metric suggests that Lincoln Square is an area with high, steady demand for condos as they become available.
Lincoln Square's Current Single Family Home Market
1. The Median Sales Price of a Single Family Dwelling Climbed Significantly in 2019 and 2020
The median sales price for a Lincoln Square single family home fluctuates a bit more than in other neighborhoods, which may have as much to do with sample size (amount of data to measure) as it does with actual market activity. From 2017 to 2018, we saw the median price fall off somewhat steadily, before turning the corner in spring 2019. As of January 2021, the median sales price for a single-family home in Lincoln Square is rapidly approaching $800K, a new high for the neighborhood.
2. The Months Supply of Inventory Among Houses Benefits Both Buyers and Sellers
In Lincoln Square, the months supply of inventory for single family homes is between three and four months, making it a fairly good situation for both buyer and seller! Buyers should keep an eye on this graph in the months ahead, however, as we expect other factors, including market time (below), to slowly but surely influence the market one way or the other.
3. Lincoln Square Homes Spend Fewer Than 100 Days on the Market
The average single family home currently spends roughly 95 days on the market as of January 2021 - a sharp step down from mid-2020, when homes in the area spent more than 110 days waiting for buyers.
Ready to Buy or Sell in Lincoln Square?
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?
