What Are the Current Real Estate Market Conditions in Uptown, Sheridan Park, and Andersonville?

What Are the Current Real Estate Conditions in Uptown?

If you're looking for a truly unique Chicago experience, Uptown is the area for you!

Nestled comfortably between Edgewater, Lincoln Park, and Lakeview, Uptown is one of the most distinct and historical spots in Chicago. Once a booming entertainment district, Uptown has undergone many transformations over the years. At its heart, though, the area - which includes many smaller neighborhoods, including Sheridan ParkBuena Park, and part of Andersonville - has always been a fascinating, funky place.

Need proof? Check out the area's amazing theaters, including the Aragon Ballroom and the Riviera Theater. The streets of the area also play host to the beating heart of Chicago's jazz scene, including the legendary Green Mill, and feature world class dining, courtesy of strips like the West Argyle Street Historical District, which is laden with markets and restaurants.

To top it all off, you've got some of the most impressive art-deco design in the city peeking around every corner! And don't just take our word for it; here are some resources worth checking out if you want to explore this vibrant area even further:

Looking to buy or sell in Uptown, including Sheridan Park and Andersonville? Here's what you need to know about the real estate market right now: 

Uptown's Current Condo Market

1. The Median Condo Price Surged In 2018, and Remains High in 2019

Uptown Chicago Single Family Home Median Sales Price

At the beginning of 2015, the Uptown condo market witnessed a small price decline. After that, prices climbed continuously until late 2016, when they hit a plateau around $250,000, where they remained for much of 2017. In 2018 however, the median condo price positively surged, reaching a high around $275K before leveling off at a high plateau around $270K throughout 2019. 

2. Uptown's Months Supply of Inventory Favors the Seller

Uptown Chicago Single Family Home 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. 

Uptown's current condo market currently offers a months supply of inventory of between two and three months. This suggests that the market currently favors the seller, and we expect condo prices to remain high or keep climbing in the near future. 

3. The Average Condo Spends Fewer Than 60 Days on the Market

Uptown Chicago Single Family Home Days on Market

The average condo in Uptown spends just about two months or fewer on the market as of fall 2019, a rate that has held fairly steady for some time now. This marks a sharp acceleration from spring 2016, when the average condo spent more than 90 days waiting for a buyer. 

Uptown's Current Single Family Home Market

1. The Median Sales Price for a Single Family Home Has Come Down from a Local High

​Uptown Chicago Condo Median Sales Price

Buyers rejoice! The price of a single family home in Uptown has been dropping, and currently sits just below $800K, as of fall 2019 (following a short spike up to $870K at the height of the spring market). This is a step down from a local high near $1 million as recently as 2016. This suggests that now is a great time for buyers to take advantage of Uptown's home offerings - before this metric begins to climb upward once again. 

2. The Months Supply of Inventory Indicates a Fairly Balanced Market

Uptown Chicago Condo Inventory

As of fall 2019, the months supply of inventory for single family homes suggests that Uptown is currently a fairly balanced market, falling just below the six month mark. This is in line with the balancing in home prices that we observed on the graph above. However, keep an eye on this graph in the months ahead - we may well see the market swing more notably in favor of buyers or sellers before too long.

3. The Average Uptown Single Family Home Spends More Than Five Months on the Market

Uptown Chicago Condo Days on Market

The Uptown single family home currently spends between 150 and 170 days on the market, as of fall 2019. When taken with some of the data above, we are starting to see the Uptown market attain a state of stability, which can make it an appealing option for both buyers and sellers. 

Ready to Purchase an Uptown Home? 

When you're ready to live in a charming neighborhood with lots of art and culture, Real Group RE would love to help you find a new home in Uptown! To begin the process and explore the neighborhood even more, drop us a line today!

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