What are the Current Market Conditions for Hyde Park?

One of 77 designated community areas in Chicago, the Hyde Park area is home to some of the city’s most beautiful and iconic institutions, ranging from the Museum of Science and Industry to the world-renowned University of Chicago.

Located about seven miles south of the Loop, Hyde Park is officially bounded by 51st Street/Hyde Park Boulevard to the north, the Midway Plaisance to the south, Washington Park on the west, and Lake Michigan on the east. Some locals stretch their definition of Hyde Park to include some of the southernmost parts of Kenwood, which is, officially, a separate community area.

A popular destination for locals and tourists alike, Hyde Park played home to the 1893 World’s Fair. Also known as the Columbian Exposition, this major turning point in American history introduced the idea of electricity – not to mention the modern ferris wheel – to nearly 30 million people.

Today, Hyde Park still has plenty to offer, including Frank Lloyd Wright’s world famous Robie House, great access to the beaches of Lake Michigan, the DuSable Museum of African American History, and the Hyde Park Art Center, which has been an influential institution in Chicago’s art scene for decades.

Want to learn more about this historic and welcoming neighborhood? Here are a few resources worth checking out:

Curious about Hyde Park’s housing market? Here are the market conditions you need to know right now:

Hyde Park's Current Condo Market

1. The Median Sales Price of a Hyde Park Condo Has Been Climbing

Hyde Park Single Family Home Median Sales Price

Hyde Park's condo market saw rapid growth over the course of 2016 and 2017, with prices sharply rising with some consistency, recently crossing the $240K threshold. 

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

Hyde Park 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 Hyde Park area currently sits right around four months, meaning that it is a situation that is fairly balanced for buyers and sellers.

3. The Average Hyde Park Condo Spends About Three Months on the Market

Hyde Park Single Family Home Days on market

After stalling from 2014 to mid-2015, average market time has substantially sped up for Hyde Park condos, with the average condo spending between 80 and 90 days on the market.

Hyde Park's Current Single Family Home Market

1. The Median Sale Price of a Home Is Quite Cyclical

Hyde Park Single Family Home Median Sales Price

Prices in the Hyde Park area are quite cyclical, and tend to rise and fall with some regularity. Recent closings have seen homes sell for between $800K and $1 million. Though variation is to be expected in this market, prices have hovered within this broad range for some time now.

2. Based Upon Months Supply of Inventory, the Hyde Park Market Favors the Buyer

Hyde Park Single Family Home Months Supply Inventory

Currently, inventory in Hyde Park sits between six and seven months, making it a market that tips in favor of the buyer.

3. The Average Single Family Home Spends More Than 100 Days on the Market

Hyde Park Single Family Market Time

After hitting a significant low near 80 days in mid-2017, wait times for Hyde Park single-family homes have stabilized, returning to their usual point - that is, hovering between 100 and 140 days (give or take some exceptions).

Ready To Purchase Your Hyde Park Home? 

When you're ready to live in a neighborhood full of Chicago history and all the modern amenities, the Real Group team would love to help you find a new home in Hyde Park! To begin the process and explore the neighborhood even moredrop us a line today!

Are you thinking of buying a home?

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