What are the Current Market Conditions for Douglas, including Bronzeville and Prairie Shores?

TonyTheTiger at English Wikipedia [GFDL (http://www.gnu.org/copyleft/fdl.html), CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/) or CC BY-SA 2.5-2.0-1.0 (https://creativecommons.org/licenses/by-sa/2.5-2.0-1.0)], via Wikimedia Commons

For anyone looking to buy a piece of Chicago history, the Douglas community area is a great place to start searching.

One of 77 officially designated community areas in Chicago, Douglas is named for a famous Illinois politician (he may have debated Lincoln a few times), and stretches from 26th Street South to Pershing Road along the Lake. This area contains some or all of the Bronzeville, Prairie Shores, and Groveland Park neighborhoods.

Looking for things to do? Burnham Park runs along the shoreline of the Douglas area, including the 31st street beach, which is now named for the famous artist, educator and museum founder, Margaret Taylor-Burroughs.

Bronzeville is home to the Illinois Institute of Technology, and is one of the most culturally rich neighborhoods in the city, having once been the home of Ida B. Wells, Gwendolyn Brooks, Sam Cooke, and Lou Rawls, among countless other luminaries.

Looking for more information? Here are some handy resources to help get you acquainted with the Douglas area:

Ready to call these great neighborhoods home? Here are the housing and condo market stats you need to know about the Douglas community, including Bronzeville and Prarie Shores:

Douglas/Bronzeville/Prairie Shores Current Condo Market

1. The Median Sales Price of a Douglas/Bronzeville/Prairie Shores Condo Has Leveled Off

Douglas/Bronzeville/Prairie Shores Single Family Home Median Sales Price

After holding steady throughout 2016 and much of 2017, prices in this area's condo market saw rapid growth in late 2017 and throughout 2018. As of the time of this writing (winter 2019), the median condo price has come down a bit from recent highs, and currently sits at roughly $130K. 

2. The Condo Market Is Fairly Balanced For Both Buyers and Sellers

Douglas/Bronzeville/Prairie Shores Single Family Home Months Supply of Inventory

The months supply of inventory counts the number of months it would take to sell all of the units 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. 

The months supply of inventory for condos in the Douglas/Bronzeville/Prarie Shores area currently sits near four months, as of winter 2019, meaning that it is a situation that is fairly balanced for buyers and sellers.

3. The Average Bronzeville/Douglas Condo Spends Between Three and Four Months on the Market

Douglas/Bronzeville/Prairie Shores Single Family Home Days on market

After speeding up from 2014 to 2016, average market time slowed in the Douglas community for much of 2017, with the average condo spending between 100 and 125 days on the market. Wait times began to accelerate again in 2018 before leveling off once again. As of winter 2019, the average condo spends right around 100 days or fewer on the market.

Douglas/Bronzeville's Current Single Family Home Market

1. The Median Sale Price of a Home Has Been Climbing 

Douglas/Bronzeville/Prairie Shores Single Family Home Median Sales Price

Single family home prices in Douglas rocketed upward in 2015. After a brief plateau over the course of 2016 (and a pronounced dip in mid-2017), home prices recovered and continued climbing. Prices saw their steepest climb in late 2018/early 2019. As of winter 2019, the median sales price for a single-family home is nearing $500K, a new benchmark for the area. 

2. Based Upon Months Supply of Inventory, Douglas/Bronzeville/Prairie Shores is a Fairly Balanced Home Market

Douglas/Bronzeville/Prairie Shores Single Family Home Months Supply Inventory

Currently, inventory in the Douglas community area sits between five and six months, making it a market that is fairly balanced for buyers and sellers. Based on this metric, we can expect prices to hold steady or slightly soften in the foreseeable future.

3. The Average Single Family Home Spends 90 Days or Fewer on the Market

Douglas/Bronzeville/Prairie Shores Single Family Market Time

Wait times in Douglas peaked in mid-2015 at a high near 200 days. Since then, market times have accelerated substantially. As of winter 2019, we expect a single family home to sit on the market for between 80 and 90 days.

Ready To Purchase a Douglas/Bronzeville/Prairie Shores Home? 

When you're ready to live in a community full of great properties and steeped in history, Real Group RE would love to help you find a new home in Douglas or Bronzeville! To begin the process and explore the neighborhoods even more, drop us a line today!

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