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 Asian grocery stores 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 your next Chicago home 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 Has Surged In 2018 

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. This spring, 2018, median condo prices have jumped about 4% to $260,000.  

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 right around two months. This suggests that the market currently favors the seller!

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, a sharp acceleration from 2016, when the average condo spent nearly 100 days waiting for a buyer. 

Uptown's Current Single Family Home Market

1. The Median Sales Price for a Single Family Home is Decreasing from a Local High

​Uptown Chicago Condo Median Sales Price

Buyers rejoice! The price of a single family home in Uptown has been dropping, recently falling below $850,000, down from a high near $1 million as recently as 2016. This suggests that now is a great time to take advantage of Uptown's home offerings.

2. The Months Supply of Inventory Indicates a Buyer's Market

Uptown Chicago Condo Inventory

Unlike the condo market, the months supply of inventory for single family homes suggests that Uptown is currently a buyer's market! This is in line with the decline in prices that we observed on the graph above. However, keep an eye on this graph in the months ahead - we may see the market move towards a more balanced position before too long.

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

Uptown Chicago Condo Days on Market

The Uptown single family home currently spends roughly 150 days on the market, down from a high near 200 days as recently as 2017. When taken with some of the data above, we are starting to see the Uptown market stabilize somewhat, making it an appealing option for buyers and sellers. 

Ready to Purchase a Uptown Home? 

When you're ready to live in a charming neighborhood with lots of art and culture, the Real Group team 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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