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 appetizing 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 in Uptown Has Been Surging, and Remains High in 2020

Uptown Chicago Single Family Home Median Sales Price

The median condo price in Uptown hit a plateau around $250,000 in 2016, and remained at this level 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. Condo prices in the area then surged again heading into 2020. As of summer 2020, the median sales price for Uptown condos sits at a recent market high, near $295K.  

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 70 Days on the Market

Uptown Chicago Single Family Home Days on Market

The average condo in Uptown spends between two and three months on the market as of summer 2020. While this suggests that Uptown condos are remaining on the market for longer than they did in 2019, this still marks a sharp acceleration from spring 2016, when the average Uptown 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 Climbed From a Recent Low 

​Uptown Chicago Condo Median Sales Price

As of summer 2020, the median price of a single family home in Uptown sits around $900K, down from a high near $950K earlier in the year - and significantly up from a low near $750K as recently as early 2019. This suggests that now is a great time for buyers to take advantage of Uptown's home offerings - before this metric begins to climb even higher. 

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

Uptown Chicago Condo Inventory

As of summer 2020, the months supply of inventory for single family homes falls just above six months, suggesting that Uptown is currently a fairly balanced market that may slightly favor the seller. This is in line with the relative 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 Four Months on the Market

Uptown Chicago Condo Days on Market

The average Uptown single family home currently spends between 140 and 160 days on the market, as of early 2020, in line with trends we've observed in this market for some time now. 

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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