One of 77 officially designated community areas in Chicago, Bridgeport stands out from the rest of the pack thanks to its culturally-rich history and trendy present.
Located about three miles southwest of the Loop, Bridgeport is a neighbor to Pilsen, McKinley Park, and Armour Square, and puts sports fans in convenient proximity to Guaranteed Rate Field, home to the Chicago White Sox. It’s also been called “a haven for artists and creative types” by Choose Chicago, and was named one of the city’s “coolest neighborhoods” by CNN.
Before its current status as a destination for art and culture, Bridgeport was renowned for being one of the oldest neighborhoods in all of Chicago. It has been the home or birthplace for five mayors, and is also home to the breaded steak sandwich, a Chicago original that still draws visitors to the city.
Want to know more about this quintessential Chicago ‘hood? Here are some resources worth checking out:
- The Bridgeport News official website
- Choose Chicago’s Guide to Bridgeport
- “A Guide to Bridgeport,” from Chicago Magazine
- “Bridgeport,” an entry from the Encyclopedia of Chicago
Curious what this area’s condo and home markets look like? Let’s take a look:
Bridgeport's Current Condo Market
1. The Median Sales Price of a Bridgeport Condo Has Been Climbing
Bridgeport's median condo prices saw rapid growth from 2015 to 2017, with prices sharply rising with some consistency, from lows below $200K to a high around $260K. We can expect these prices to hold steady or continue to climb for the foreseeable future.
2. The Bridgeport Condo Market Is Balanced For Both Buyers and Sellers
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 Bridgeport area currently sits right around four months, meaning that it is a situation that is fairly balanced for buyers and sellers.
3. The Average Bridgeport Condo Spends Three to Four Months on the Market
After accelerating over the course of 2014 to mid-2015, the average market time has stabilized for Bridgeport condos, with the average condo spending between 80 and 100 days on the market.
Bridgeport's Current Single Family Home Market
1. The Median Sales Price of a Bridgeport Home Is Quite Steady
Prices in the Bridgeport area have held steady for some time now, with the median sales price hovering around $400K for more than two years.
2. Based Upon Months Supply of Inventory, the Bridgeport Market Slightly Favors the Seller
Currently, inventory in Bridgeport sits between three and four months, making it a market that tips in favor of the seller at present. Still, trends suggest that this is a fairly well-balanced market, appealing to buyers and sellers alike.
3. The Average Single Family Home Spends Fewer Than Three Months on the Market
After hitting a significant high near 130 days in 2016, wait times for Bridgeport single-family homes have sped up substantially, and currently hover between two and three months.
Ready To Purchase Your Bridgeport 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 Bridgeport! To begin the process and explore the neighborhood even more, drop us a line today!
